Globetronics to undertake share split, bonus issue

By TMR

Globetronics Technology Bhd has proposed to split its shares on a one-to-two basis to be followed by a bonus issue on the basis of one bonus share for every six split shares held.

In a filing to Bursa Malaysia yesterday, Globetronics noted the entitlement date is yet to be fixed.

The bonus issue will involve the issuance of up to 96.65 million new shares on the one for 10 basis, on the same entitlement date to be fixed.

Globetronics added that the proposed subdivision of shares is to enhance the marketability and trading liquidity of Globetronics shares and enable the existing shareholders to have a larger number of shares, while maintaining their percentage of equity interest.

The bonus issuance is to reward shareholders as it shall be capitalised to its share premium and retained profits, the filing said.

The share split requires shareholders’ approval at an EGM. The proposed exercises to be completed by the first quarter of 2018.

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