Underpinning the surge in its share price was the three-for-one bonus issue. KUALA LUMPUR: Milux Corporation Bhd’s share price surged to a fresh record high of RM3.03 on Wednesday as more investors jumped on the bandwagon following the proposed three-for-one bonus issue. At 10.51am, it was up 29 sen to RM2.92. There were 1.35 million shares done at prices ranging from RM2.62 to RM3.03. The FBM KLCI was up 7.39 points or 0.47% to 1,582.70. Turnover was 1.95 billion shares valued at RM1.48bil. The broader market was mixed with 474 gainers, 409 losers and 468 counters unchanged. Last week, Milux proposed a bonus issue of up to 176.29 million shares on the basis of three bonus shares for every one share held. The group said upon completion of the bonus issue, Milux’s issued share capital would rise to 235.06 million shares, from the current 58.76 million shares. In the latest development on Tuesday, the additional listing application forthe proposed bonus issue was submitted to Bursa Securities. Its unit Milux Sales & Service Sdn Bhd, which offers a wide variety of gas, kitchen and electrical appliances. It had proposed to diversify the existing core business of Milux and its subsidiaries to include provision of support services for the oil and gas industry and property-related services. Milux expects this diversification will boost the income of the group, besides seeking new business opportunities.
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