The Firm's Shares Reach The Highest Level After 24 Years - Kakiforex.com - Financial Market Media No. 1 in the World The Firm's Shares Reach The Highest Level After 24 Years The Firm's Shares Reach The Highest Level After 24 Years
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April 27, 2021

The Firm's Shares Reach The Highest Level After 24 Years

 Shares of Teo Guan Lee Corp Bhd soared to a 24 -year high during today's trading session.


The company's shares rose 56 sen or 29.63% to RM2.45.


At 10.26am, a total of 702,500 shares were traded with a market capitalization of RM77 million.



The counter experienced a sharp rise after the apparel manufacturer proposed a bonus issue of 40.74 million new shares based on one bonus unit for one existing shareholding.


For illustrative purposes, the company's ex-bonus share price is theoretically 68.5 sen based on the weighted average price for five days up to and including the last practical date on April 20 of RM1.37.


Upon completion of the proposed bonus issue, the issued share capital of the company will remain at RM40.74 million while the number of shares issued will increase to 81.48 million.


In addition, the company has also proposed the establishment of a long-term incentive plan of up to 10% of the total shares issued, excluding treasury shares if any, at any time during the five-year scheme period for eligible executive directors and employees of the company and its subsidiaries. .