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KUALA LUMPUR (Aug 23): OSK Holdings Bhd has proposed to issue up to 820.31 million bonus shares to reward its shareholders, while expanding its share base.
OSK, which has interest in property development, financial services, construction and hospitality, said the latest corporate plan will see its shareholders receiving one bonus share for every two existing shares at a date to be determined later.
"The board, having considered all aspects, is of the opinion that the proposed bonus issue is in the best interest of the company," OSK, which owns and operates the Swiss Garden-branded hotels Malaysia and Australia, said in a filing with Bursa Malaysia yesterday.
To complete the plan, OSK said it will obtain necessary approvals from Bursa Malaysia and its shareholders at a meeting to be convened later.
Advised by RHB Investment Bank Bhd, OSK — controlled by veteran stockbroker Tan Sri Ong Leong Huat — expects to complete the transaction by the fourth quarter of this year.
Shares in OSK, listed on the Main Market since 1991, rose 2 sen or 1.3% to close at RM1.56 yesterday, valuing the diversified entity at RM2.19 billion. — theedgemarkets.com
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