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The glove maker, whose share price had surged due to overwhelming global demand due to the Covid-19 pandemic, said on Monday the bonus issue would not be implemented on a staggered basis.

KUALA LUMPUR: Supermax Corporation Bhd has proposed a one-for-one bonus issue involving up to 1.36 billion new shares.

The glove maker, whose share price had surged due to overwhelming global demand due to the Covid-19 pandemic, said on Monday the bonus issue would not be implemented on a staggered basis.

“The bonus shares in respect of the proposed bonus issue of shares will be issued as fully paid, at nil consideration and without capitalisation of the company's reserves, ” it said in a statement to Bursa Malaysia.

As at July 7, the latest practicable date prior to the announcement, the company’s issued share capital was RM340.07mil comprising 1.36 billion shares (including 68.88 million treasury shares).

It also said the board has undertaken and confirmed that the company will not cancel the treasury shares until the completion of the proposed bonus issue of shares.

Supermax said there will be an adjustment to the market price of Supermax shares listed and quoted on the Main Market of Bursa Malaysia Securities.

At midday, Supermax shares were up RM1.10 to RM18.80.

https://www.thestar.com.my/business/business-news/2020/07/20/supermax-proposes-one-for-one-bonus-issue
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