PJBumi receives conditional approval for one-for-five share split
The proposal would increase the engineering firm’s issued shares to 410 million from 82 million.
PJBumi Bhd has received approval from Bursa Malaysia Securities Bhd for its proposed one-for-five share split, the company said in a filing on Oct 7. The approval carries conditions, including compliance with provisions governing the exercise under the Main Market Listing Requirements (Main LR).
The engineering firm proposed the split on June 26, aiming to make its shares more liquid and widen investor participation through a lower trading price. The proposal would divide every ordinary share into five, taking the number of issued shares from 82 million to 410 million.
PJBumi must provide Bursa Securities with a certified copy of the resolution through which shareholders approve the exercise before the subdivided shares can be listed and quoted. Once the split is completed, it must notify Bursa Securities and confirm in writing that it has met the approval conditions. Required announcements must also comply with Paragraphs 6.35(2)(a) and (b) and 6.35(4) of the Main LR.
PJBumi shares were at RM4.22 at noon, with trading volume of 351,800 shares.
