KUALA LUMPUR (April 5): Samaiden Group Bhd has proposed a bonus issue of up to 224 million shares on the basis of two bonus shares for every three existing shares held.

In a bourse filing, the solar engineering, procurement, construction and commissioning (EPCC) service provider said the entitlement date will be announced later, after all approvals for the bonus issue are obtained.

The group said the maximum number of 224 million of bonus issue shares was based on its existing 231 million issued shares and assuming full exercise of all its 105 million warrants into new Samaiden shares prior to the implementation of the bonus issue.

Based on the five-day volume weighted average price (VWAP) of Samaiden shares up to March 30, and the lowest daily VWAP of its shares during the past three months up to March 30, the theoretical ex-bonus price for its shares is expected to be between 62.6 sen and 58 sen.

The company said the bonus issue is expected to be completed by the third quarter of this year.

Shares in Samaiden closed up two sen or 1.85% to RM1.10, giving it a market capitalisation of RM254 million.