Mi Technovation Bhd (MiTB) has proposed rewarding shareholders with shares in its semiconductor materials business as part of preparations for the planned listing of the unit on the Mainboard of the Singapore Exchange Securities Trading Ltd (SGX-ST).
The semiconductor equipment and solutions provider said the proposed shareholder entitlement will be implemented through a dividend-in-specie involving the distribution of up to 9 million shares in its semiconductor materials subsidiary, Mi Material.
Under the proposal, eligible MiTB shareholders will receive one Mi Material share for every 100 MiTB shares held, excluding treasury shares, at no cost.
The actual number of shares to be distributed will depend on MiTB’s issued share capital, excluding treasury shares, as at the entitlement date, which will be determined and announced after all required regulatory approvals for the proposed listing have been obtained.
MiTB said the proposed distribution is intended to provide existing shareholders with a direct equity interest in Mi Material, allowing them to participate in the future growth of the semiconductor materials business following its planned Singapore listing.
The company added that shareholders will not be required to make any payment or provide any consideration to receive the distributed shares.
The proposal remains subject to approval by MiTB shareholders at an extraordinary general meeting (EGM), with further details to be included in a circular that will be issued in due course.
