Public Bank said the four bonus shares for every one existing share was arrived at after taking into consideration the potential adjustments to the share price arising from the proposed bonus issue. KUALA LUMPUR: Public Bank Bhd has proposed four bonus shares for every one share held, the first ever for the bank as it aims to reward existing shareholders for their loyalty and continuous support. It announced on Tuesday the proposed bonus issue will entail the issuance of up to 15.52 billion shares. Public Bank said the four bonus shares for every one existing share was arrived at after taking into consideration the potential adjustments to the share price arising from the proposed bonus issue. As at Nov 30, the latest practicable date (LPD) prior to this announcement, the bank's share capital was RM9.41bil comprising 3.88 billion shares. Upon completion of the corporate exercise, the share capital would be RM9.41bil comprising 19.41 billion shares. Public Bank said the entitlement date will be determined and announced at a later date upon receipt of all relevant approvals for the proposed bonus issue. It said based on the five-day volume weighted average price (VWAP) of Public Bank shares up to the LPD of RM17.9650 per share, the theoretical ex-bonus share price is approximately RM3.593. It said for illustrative purposes only, the theoretical ex-bonus price of the shares pursuant to the proposed bonus issue amounts to RM3.3517 per share, calculated based on the three-months VWAP of the shares up to and including LPD of about RM16.7583 per share. “The board is of the view that the proposed bonus issue is an appropriate avenue for the company to reward its existing shareholders as the proposed bonus issue as it: (i) will enable existing shareholders to have greater participation in the equity of the company in terms of the number of shares held, while maintaining their percentage of equity interest in the bank; (ii) will result in the shares being more affordable in order to appeal to a wider group of public shareholders and investors; and (iii) is expected to enhance the trading liquidity of shares on the Main Market of Bursa Securities.
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