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Glovemaker Supermax Corp Bhd is proposing a bonus issue on the basis of one bonus share for every four existing shares held in the company.

CIMB Investment Bank Bhd said in an announcement on behalf of Supermax that the proposed bonus issue would entail the issuance of 71.4 million shares of 50 sen each to shareholders on a date to be determined by the board of directors.

It said the rationale behind the bonus issue was to increase the capital base of the company to a level which would better reflect the current scale of operations as well as enable shareholders to have increased equity participation through greater number of shares.

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