PETALING JAYA: FOCUSP has secured shareholder approval for two key corporate proposals — a 1-for-3 bonus issue and the establishment of a dividend reinvestment plan (DRP) — aimed at rewarding shareholders and boosting market liquidity.
The bonus issue will see the issuance of up to 153.99 million new shares, increasing the total issued shares from 462 million to approximately 616 million. The entitlement date for the exercise will be announced later.
The DRP, meanwhile, allows shareholders to opt to reinvest their dividends, in full or in part, in new shares instead of receiving cash payouts.
“These initiatives reflect our commitment to rewarding shareholders while supporting Focus Point’s long-term growth,” said its president and chief executive officer Dato’ Liaw Choon Liang.
“With the bonus issue enhancing liquidity and broadening investor reach, and the DRP offering a convenient reinvestment option, both initiatives are expected to support the Group’s growth trajectory while delivering added value to shareholders,” he said in a statement today.
He added that the overwhelming support from shareholders at the company’s extraordinary general meeting (EGM) today affirms their confidence in the Group’s strategic direction.
Focus Point said the DRP will not apply to every dividend declared, as the board reserves the discretion to determine the applicable portion for reinvestment. Dividends not designated for reinvestment will continue to be paid fully in cash.
Both proposals remain subject to the conditional approval of Bursa Malaysia and other relevant authorities.
UOB Kay Hian (M) Sdn Bhd is the principal adviser for the exercises.