Oiltek International (SGX:HQU) proposed a bonus issue of up to 286,000,000 bonus shares, according to a filing with the Singapore Exchange on Thursday.
Following the proposed issue, the company's enlarged share capital will increase up to 429,000,000 shares once it is approved by shareholders.
The bonus shares will represent 200% of the company's existing issued share capital but will not be entitled to the proposed final dividend of SG$0.018 per share, which was recommended on Feb. 12.
The bonus shares will be allotted and issued as fully paid at nil consideration to entitled shareholders.
Shares of the integrated process technology and renewable energy solutions provider soared over 11% in recent trading.
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