Malaysian packaged foods and meats producer PPB Group Bhd. on June 13 received approval for the listing and quotation of up to 237,099,976 bonus shares on the main market of Bursa Securities, pursuant to the proposed bonus issue PPB announced May 8.
The company proposed to issue 237,099,976 bonus shares on the basis of one bonus share for every five existing PPB shares held by shareholders at the close of business of the entitlement date, which PPB will determine once it secures all necessary approvals for the proposed issue.
PPB said the proposed bonus issue is aimed at increasing the company's share capital base to better reflect its current scale of operations, as well as to enhance the trading liquidity of its shares on Bursa Securities.
The approval given by Bursa Securities is subject to certain conditions, including that PPB and RHB Investment Bank must comply with the listing requirements related to the proposed bonus issue and inform Bursa Securities when the proposed issue is complete.