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 KUALA LUMPUR (Sept 7): GHL Systems Bhd has proposed a bonus issue of up to 381 million new shares on the basis of one bonus share for every two shares held.

The entitlement date for the bonus issue will be announced at a later date upon receipt of relevant approvals, the payment service provider said in a filing with Bursa Malaysia.

GHL said its share price adjusted for the bonus issue must not be lesser than 50 sen based on the volume weighted average price (VWAP) during the three-month period before the application date.

For illustration purposes, the group said that based on the five-day and three-month VWAPs of GHL shares up to Aug 28, of RM1.94 and RM1.97 per share, the theoretical ex-bonus share prices of GHL are RM1.29 and RM1.31 respectively.

GHL said the bonus issue serves to reward its shareholders for their continued support to the company, and is also aimed at encouraging trading liquidity of its shares on Bursa.

"The proposed bonus issue will not have any effect on the percentage shareholdings of the substantial shareholders of GHL as the bonus shares will be allotted on a pro-rata basis to all the shareholders of the company," the group added.

GHL said the bonus issue is expected to be completed in the fourth quarter of 2020.

GHL shares closed one sen or 0.5% lower at RM1.98 today, valuing the group at RM1.51 billion. Year-to-date, the stock has risen by 47%.