Euro Holdings cancels proposed bonus issue after steep plunge
KUALA LUMPUR: Euro Holdings Bhd has terminated a bonus issue plan following recent sell-off.
"On behalf of the Board of Directors of Euro, AmInvestment Bank wishes to announce that the Board, after taking into consideration the recent market volatility in the share price performance of Euro, has resolved to terminate the Proposed Bonus Issue," the company said in a filing today.
In March, the furniture maker has proposed to issue four new free shares for every one share held by shareholders.
Earlier this week, the stock hit limit for two consecutive days - on Tuesday and Wednesday.
Further sell-off, however, was capped on Thursday thanks to the stock exchange's rule that put a floor on the stock on the third day.
The company on Wednesday said it was unaware of any reasons or development that might have triggered the sell-off.