KSL advances on bonus issue plan

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KUALA LUMPUR (Oct 3): Shares of Johor-based property developer KSL Holdings Bhd rose in early trade on Friday after it proposed a one-for-one bonus issue of up to 487.1 million shares, on the basis of one bonus share for every one existing KSL share held.

At 9.30am, KSL mother shares rose 13 sen to RM4.56 with 1.17 million shares done while its warrant KSL-WA also added 13 sen with 588,300 units done.

The one-for-one bonus issue would increase the group’s share capital to RM487.1 million comprising 974.3 million shares of 50 sen par each, from RM194.3 million comprising 388.7 million shares of 50 sen par each as at Sept 30, 2014.

It has also proposed to implement a dividend reinvestment plan (DRP) to enhance trading liquidity and capital management.

KSL shares closed down 15 sen, or 3.28% to RM4.43 today, giving it a market capitalisation of RM1.72 billion.