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KUALA LUMPUR (Sept 3): Top Glove Corp Bhd's share price surged as much as 8.86% in morning trade today, which is the ex-date of the company’s two-for-one bonus share issue.

The stock opened higher at RM8.80 and further climbed up to RM9.46, its intraday high so far, after rising 8.86% or 77 sen.

As at 10.40am, the share price of the second-largest public listed company by market capitalisation in Malaysia had pared some of its gains and traded 3.57% or 31 sen higher at RM9.

At RM9 apiece, Top Glove had a market capitalisation of RM70.64 billion. Some 52.30 million shares were transacted, more than three times its 200-day average trading volume of 15.41 million shares.

The group on July 20 proposed a bonus issue of up to 5.48 billion new shares, on the basis of two bonus shares for one existing share in the rubber glove manufacturer, to reward shareholders and enhance trading liquidity of its shares.

After receiving shareholders’ approval for the bonus share issue in the extraordinary general meeting (EGM) on Aug 18, it set 5pm, Sept 4 as the entitlement time and date of the bonus issue, while the bonus shares will be listed and quoted on Bursa Malaysia on Sept 7, which is the next market day after the entitlement date.

“Bursa Malaysia Securities Bhd would like to clarify that on the basis of the settlement taking place after Sept 4, 2020 with the bonus issue of Top Glove shares, any shareholder who is entitled to receive Top Glove bonus issue shares may sell any or all of his Top Glove shares arising from the bonus issue beginning at the ex-date (Sept 3),” Bursa said in an announcement.

Edited by Lam Jian Wyn

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