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Chairman: Move allows Suria stakeholders greater say
Published on: Friday, January 11, 2019
By: Sherell Jeffrey

KOTA KINABALU: Suria Capital Holdings Berhad’s shareholders can expect greater participation in the company’s equity following the approval from shareholders to issue bonus share of up to 58, 278,398 new ordinary shares in the company. 

Sabah Ports Sdn Bhd Chairman Tan Sri Ibrahim Menudin said this will be on the basis of a one bonus share for every five existing Suria Capital Holdings Berhad shares held on the entitlement date.

The entitlement date has however yet to be determined and will be announced at a later date upon receipt of all relevant approvals for the bonus issue. 

He announced this during a media conference held at Wisma Sabah Ports in Sepanggar Bay, here, Thursday, after the shareholders’ approval for the bonus was given during the company’s extraordinary general meeting held the same day at its subsidiary office of Sabah Ports Sdn Bhd. 

He said with this exercise, the ordinary share capital is expected to increase from 288,183,992 shares pre-bonus to 349,670,390 shares post bonus period. 

He said the actual number of the new bonus shares will be based on the number of Suria Capital Holdings Berhad shares in issue on the entitlement date. 

“The issuance of the bonus share will enable Suria Capital Holdings Berhad’s shareholders to have greater participation in the compnay’s equity whilst maintaining their percentage of equity interest in the company.

“It is also expected to improve the trading liquidity of Suria Capital Holdings Berhad shares and utilise the amount standing in the credit of its share premium account as provided for under Section 618(3) of the Companies Act 2016 following the implementation of the no par value regime,” he said. 

He said the Board had decided on the bonus issuance in the best interest of the company and the shareholders and expresses its appreciation to the shareholders for voting in favour of the resolution for the bonus issue. 

In terms of the challenges faced, he said ports business depends on the economic growth of the State, adding however that he is sure the State Government is heading towards ensuring the State economy does grow. 

Meanwhile, Sabah Ports Sdn Bhd Managing Director Ng Kiat Min said Suria Group had on Nov 12 last year announced its unaudited nine-months 2018 results with a turnover income of RM315 million, an increase of 45 percent or RM97 million year-on-year. 

She said this marked a net profit of RM45 million for the said nine-month period of 2018, adding that the port segment, as the core business had contributed significantly to the solid performance.

Also present were Suria Capital Holidngs Berhad Chief Financial Officer Noorida Baharuddin 

 



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