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KUALA LUMPUR: Top Glove Corp Bhd has proposed a two-for-one bonus issue involving up to 5.48 billion new shares.

It said in a filing with Bursa Malaysia that the entitlement date of the bonus shares is yet to be determined and will be announced at a later time.

On July 6, being the last practisable date prior to the announcement, the issued share capital of the company was RM1.59bil comprising 2.69 billion Top Glove shares, including 661,600 treasury shares.

According to Top Glove, the proposed bonus issue would reward the existing shareholders of the company, increase the number of shares held by shareholderholds and potentially enhance the marketability and trading liquidity of the stock.

"The Board has resolved that the Bonus Shares will be issued as fully paid shares at nil consideration, without any capitalisation from the Company’s reserves.

"The Proposed Bonus Issue will increase the number of Top Glove Shares in issue but will not increase the value of the issued share capital of the Company," it said.

Top Glove's share price has jumped more than fourfold year-to-date as the Covid-19 outbreak created a surge in demand for its products, leading to a record earnings performance.

As at 12.30pm, Top Glove shares were up RM1.44 or 6.27% to RM24.42 on the back of 15 million units traded.

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