Thee theoretical ex-bonus price is 37.74 cents each

Oiltek International, which is shifting its listing from the Catalist to the Mainboard, plans to issue bonus shares at the ratio of two bonus shares for each existing share held.

This will bring the company's share base from 143 million shares to 429 million shares. 

Oiltek, a subsidiary of Koh Brothers Eco Engineering 5hv, says the bonus issue is to increase the issued share capital base to reflect the growth and expansion of its business and to reward and give due recognition to shareholders for their loyalty and continuing support for the company.

"The proposed bonus Issue, if carried out, will also increase the accessibility of investing in the company to more investors, thereby encouraging trading liquidity and greater participation by investors and broadening the shareholder base of the company," says Oiltek.

Assuming the bonus issue is made on March 3, the lowest daily weighted average price of the shares in the month preceding would be $1.1323 and accordingly, the theoretical ex-bonus price is 37.74 cents.

The record date of the bonus issue is to be determined.

Oiltek International shares closed at $1.20 on Feb 28 down 2.44% for the day but up 361.54% in the past 12 months.