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 ELKDESA 5228 ELK-DESA RESOURCES BERHAD proposes one-for-two bonus issue

KUALA LUMPUR (Nov 16): ELK-Desa Resources Bhd, which reported sharply higher quarterly net profit on Wednesday (Nov 16), also announced a one-for-two bonus issue.

  The entitlement date for the bonus issue of up to 151.6 million shares will be determined later, the group said in a bourse filing.

It said that based on the five-day volume-weighted average price (VWAP) of its shares up to Nov 15, and the lowest daily VWAP of the shares during the past three months, the theoretical ex-bonus price is expected to be between 92.61 sen and 90.32 sen.

ELK-Desa's net profit for the second quarter ended Sept 30, 2022 jumped to RM11.53 million from RM4.75 million a year earlier, on higher contribution from both its hire purchase and furniture segments.

The group's share price closed seven sen or 4.96% higher at RM1.48 on Wednesday, its highest since October 2019.

At RM1.48, the group has a market capitalisation of RM448.7 million. Year to date, the stock has risen 12% from RM1.32.


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