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PETRA PERDANA PROPOSES SHARE SPLIT AFTER 10% PLACEMENT
The Edge Daily.com • 24 September 2003
Petra Perdana Bhd is undertaking a one-to-two share split of every one existing RM1 share into two 50 sen shares after a proposed private placement of up to 6.15 million new shares.
It said the share split would provide shareholders with greater participation in terms of the number of shares. It will increase marketability and liquidity of its shares to encourage a wider spread of shareholders.
In line with the sterling performance of other oil and gas related stocks over the past few weeks, Petra Perdana rose on Sept 24 by RM1.50 to RM11.80, which is more than three times its three-month low of RM3.74.
In a statement to the KLSE on Sept 24, Petra Perdana expected to submit an application to the relevant authorities in relation to the proposals within one month from the same date.
It said the share split would be carried after a proposed private placement of 6.15 million shares representing a 10 per cent stake in the company for RM7.65 per share to placees, whose identities would be determined later.
The company said its paid-up capital would be increased to RM67.65 million comprising 135.30 million shares following the completion of the proposed private placement and the share split.
Petra Perdana said the proposed placement would raise gross proceeds of up to RM47.05 million, which would be used mainly for working capital.
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