Mari Petroleum shares jump 10% after massive bonus issue
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Abdur Rahman | September 16, 2024 at 04:39 PM GMT+05:00
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September 16, 2024 (MLN): Mari Petroleum (PSX: MARI) extended its rally further following a substantial 1,340% dividend and 800% bonus shares issuance.
Its shares gained 10% on Monday to yet another record high close.
Such a large bonus issue can help attract smaller investors as it reduces share price by redistributing the amount of equity across a larger number of shares. It is worth noting that it does not change the overall valuation of the company.
It also provides a psychological boost to investors.
The country's major oil and gas exploration company has added more than $160 million to its market value this year alone, a gain of 81%.
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