What was the exact rise in Public Bank’s share price at 10am?

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Public Bank's Share Price Saw a RM1.54 Increase at 10 AM

At 10 AM, Public Bank's share price experienced a rise of RM1.54, reaching RM20.00. This increase of 8.34 per cent was accompanied by a trading volume of 9.29 million shares. The upward movement in Public Bank's stock contributed 11.65 points to the FTSE Bursa Malaysia KLCI.
Bonus Issue Announcement Drives Share Price Gain

The surge in Public Bank's share price followed an announcement regarding a proposed bonus issue. The banking group proposed the issuance of up to 15.53 billion bonus shares, structured as four bonus shares for every one existing share held by shareholders.
Impact on Share Capital and Share Count

Upon the completion of this proposed bonus issue, Public Bank's share capital is expected to remain unchanged at RM9.41 billion. However, the total number of issued shares will significantly increase to 19.41 billion, a substantial jump from the current 3.88 billion shares.
Projected Completion and Analyst Outlook

The completion of this bonus share exercise is anticipated by the first quarter of the financial year 2021. MIDF Amanah Investment Bank Bhd has expressed a positive outlook on the proposed bonus issue, noting its potential to reward shareholders, improve stock liquidity, and enhance affordability. The research firm reiterated its "buy" call on Public Bank with an unchanged target price of RM20.50.

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What was the exact rise in Public Bank’s share price at 10am?

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