KUALA LUMPUR: MR DIY Group (M) Bhd has proposed a bonus issue of up to 3.14 billion shares on the basis of one bonus share for every two shares.

       The entitlement dates for the bonus issues will be determined later, the home improvement retailer group said in a filing with Bursa Malaysia.

       “The board has considered that the proposed bonus issue is an appropriate avenue to reward shareholders for their continuous support of Mr DIY and its subsidiaries."

       Mr DIY said its share price adjusted for the bonus issue will not be less than 50 sen, based on the daily volume weighted average market price (VWAMP) for the three-month period before the application date.

       The bonus issue is expected to be completed by the second quarter of 2022.