KUALA LUMPUR (April 2): Sanichi Technology Bhd’s share price closed down 6.5 sen or 18.57% today at 28.5 sen as securities of the precision plastic injection mold were traded ex upon consolidation at 10 to one of the stock in conjunction with the company’s planned diversification into glove manufacturing.
At 5 p.m., Sanichi saw 9.16 million shares traded on Bursa Malaysia, where the Sanichi is listed on the ACE market.
Sanichi originally announced its share consolidation on February 3.
On that day, Sanichi said in a Bursa filing that the company was proposing to undertake several corporate exercises, including its planned business diversification to include glove manufacturing and the proposed consolidation of 10 existing Sanichi shares into one. single action.
Sanichi said its corporate proposals included a waiver of rights issue of up to 1.42 billion new shares as well as up to 712.22 million free detachable warrants in Sanichi on the basis of six rights shares as well as three warrants for one consolidated share held by authorized shareholders.
Based on the minimum scenario, Sanichi said that its number of issued shares was 2.005 billion, and after consolidating the shares, the number of issued shares would be reduced to 200.47 million.
After including the new shares to be issued by virtue of the issue of rights with warrants and after the inclusion of the new shares to be issued – assuming the full exercise of the warrants – the enlarged share capital of the company will include 387.97 million shares, according to Sanichi.
On March 22, Sanichi said in a Bursa filing that the ex, entitlement and listing dates for the reverse stock split had been revised to today, Monday and Tuesday respectively.
Sanichi originally announced on March 19, 2021 that the original ex, entitlement and registration dates would be yesterday (April 1), today (April 2) and Monday (April 5).
On March 23, 2021, Sanichi stated that as of today’s ex-date, trading in Sanichi shares will be based on the newly adjusted share after consolidation.
Today, Sanichi’s closing share price at 28.5 sen gives the company a market capitalization of approximately RM 57.13 million based on the 200.47 million shares issued by the company after The consolidation.