KUALA LUMPUR (Aug 16): PWF Corp Bhd, whose share price has risen by 69% over the past one year, has proposed a bonus issue of up to 74.46 million shares on the basis of one bonus share for every three existing shares.

The entitlement date for the bonus issue will be determined later, the Penang-based poultry player said in a bourse filing on Wednesday (Aug 16).

For illustration purposes, based on the five-day volume weighted average market price of PWF Corp shares up to the latest practicable date of 74.09 sen, the theoretical ex-bonus share price will be approximately 55.57 sen, the group said.

PWF said the bonus issue will allow its shareholders to participate more in the group’s equity while maintaining their percentage of equity interest, and is also expected to enhance the marketability and trading liquidity of PWF shares.

The bonus issue is expected to be completed during the fourth quarter of 2023.

Aminvestment Bank Bhd has been appointed as the principal adviser for the corporate exercise.

Shares in PWF Corp ended at an all-time high of 77.5 sen on Tuesday (Aug 15). On Wednesday, the stock closed down half a sen or 0.65% at 77 sen, giving the group a market capitalisation of RM172 million.