Friday, August 27, 2010

Tenaga proposes 1-for-4 bonus issue of up to 1.12b shares

KUALA LUMPUR: TENAGA NASIONAL BHD [] has proposed a one-for-four bonus issue of up to 1.12 billion shares of RM1 each with the entitlement date to be announced later.

As at May 31, 2010, its paid-up capital stood at RM4.35 billion, comprising 4.35 billion shares, while there were 129.85 million outstanding ESOS options.

In a statement to Bursa Malaysia Securities yesterday, Tenaga said the bonus issue would be carried out by capitalising up to RM1.12 billion from its share premium account, which amounted to RM5.27 billion as at Aug 31, 2009.

It said the proposal would reward existing shareholders and increase its capital base that would better reflect its size of operations, as well as improve the liquidity of its shares in the market. AmInvestment Bank Bhd has been appointed as the adviser to the proposal, which is expected to be completed by first quarter next year.

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