Oiltek outlines proposed bonus issue in circular to shareholders

The bonus issue will be distributed on a two-for-one basis to existing shareholders.

Oiltek International Limited (Oiltek) has issued a circular to shareholders on the proposed bonus issue of up to 286 million new ordinary shares in the company.

Under the proposal, shareholders will receive two bonus shares for every existing ordinary share held in the capital of Oiltek.

In a bourse filing, Oiltek advised shareholders who have sold or transferred all their shares represented by physical share certificate(s) to immediately forward the circular, the notice of annual general meeting, and the accompanying Proxy Form to the purchaser or transferee, or to the stockbroker or other agent through whom the sale or transfer was effected, for onward transmission.

Meanwhile, shareholders who have sold or transferred all their shares held through The Central Depository (Pte) Limited do not need to forward these documents to the purchaser or transferee.

The circular has been reviewed by the company’s sponsor, SAC Capital, but has not been examined or approved by the Singapore Exchange Securities Trading Limited.

Rubicon Law LLC is the legal adviser for the proposed transaction described in the circular.

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