KUALA LUMPUR: Samaiden Group Bhd has proposed a bonus issue of up to 224 million shares, on the basis of two bonus shares for every three existing shares.

       “The proposed bonus Issue is intended to reward the existing shareholders of the company for their loyalty and continuing support to Samaiden and its subsidiaries,” the renewable energy solution provider said in a Bursa filing.

       As at March 30, the issued share capital of the company is RM60.89mil comprising 231 million Samaiden shares. In addition, the company also has 104.99 million outstanding warrants.

       It said the maximum number of 224 million of bonus issue shares was based on its existing 231 million issued shares and assuming full exercise of all its 105 million warrants into new Samaiden shares prior to the implementation of the bonus issue.

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