KUALA LUMPUR (April 12): Electronic manufacturing services provider PIE Industrial Bhd has proposed a one-for-five share split.
The company said the exercise will see its issued and paid-up capital increase to 384.04 million shares of 20 sen each, from 76.81 million shares of RM1 each at at April 4.
“The proposed share split is expected to improve the liquidity of PIB shares on the main market of Bursa Securities, by increasing the number of shares in issue,” PIE Industrial said in a filing with Bursa Malaysia.
Furthermore, the adjustment in the market price of PIB shares pursuant to the proposed share split is expected to result in the split shares being more affordable in order to appeal to a wider group of public shareholders and investors,” it added.
The company said although the share split is not expected to have any effect on the group’s earnings for the financial year ending Dec 31, 2016, the earnings per share (EPS) will be proportionally diluted, as a result of the increase in the number of shares in issue, upon completion of the exercise.
PIE Industrial shares closed 2 sen or 0.15% higher at RM13.14 today, for a market capitalisation of RM1.01 billion.
PIE (7095) - PIE Industrial proposes one-for-five share split
http://www.theedgemarkets.com/my/article/pie-industrial-proposes-one-five-share-split
