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 Business

Suria Capital to undertake 58.278 million ordinary shares

110119_suria-col
Ibrahim (centre) and Ng (3rd left) with Suria top management team.

11th January, 2019

By VESTA VANESSA JSOL

KOTA KINABALU: Suria Capital Holdings Berhad (Suria) has received the approval to undertake a bonus issue up to 58.278 million of new ordinary shares in Suria.

Chairman Tan Sri Ibrahim Menudin said the approval is on the basis of one bonus share for every five existing Suria shares held on the entitlement date which will be determined and announced at a later date upon receipt of all relevant for the bonus issues.

“With this exercise, the ordinary share capital is expected to increase from 288,183,992 shares pre-bonus to 349,670,390 shares post bonus period,” Ibrahim told reporters at a press conference after the group Extraordinary General Meeting (EGM), yesterday. The shareholders’ approval for the bonus issues was given during the EGM.

He added that the actual number of the new bonus shares will be based on the number of Suria Shares in issue on the entitlement date which expected to be announced by February.

Earlier, Suria Group managing director Ng Kiat Min said that on November 2018, the group had announced its unaudited 9-month results with a turnover income of RM315 million, an increase of 45 per cent or RM97 million year-on-year.

“This marked a net profit of RM45 million for the said 9-month period of 2018. The port segment, as the core business had contributed significantly to the solid performance.”

Ng added that the issuance of the bonus share will enable Suria’s shareholders to have greater participation in the company’s equity whilst maintaining their percentage of equity interest in the company.

It is also expected to improve the trading liquidity of Suria shares and utilize the amount standing to the credit of its share premium account as provided for Section 618(3) of Companies Act 2016 following the implementation of the no par value regime.

“The Board has decided on the bonus issuance in the best interest of the company and the shareholders and expresses it appreciation to the shareholders for voting in favour of the resolution from the bonus issue.”

Meanwhile, Suria hopes that Sabah’s economic growth will improve from time to time to enhance the growth of the state port industry.

“I think this 2019 will be more challenging not just for Sabah but across the country and the world … so we will see how this economic growth affects us at the start of the New Year.

“We hope it will not affect us as the port business is relatively stable at this point.”

   
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