KUALA LUMPUR (July 5): Shares Kawan Food Bhd rose by as much as 12 sen or 2.42% today, after the frozen food manufacturer and exporter announced a one-for-three bonus share issuance to expand its share base and reward existing shareholders.

At 3:20pm today, Kawan Food pared down its gains to trade at RM5, valuing the Shah Alam-based company at a market capitalisation of RM1.35 billion. A total of 158,900 shares were done.

Kawan Food shares have risen sharply from a one-year low of RM2.36. On a year-to-date basis, it has gained 31.58%, according to Bloomberg data.

Kawan Food is currently in the midst of constructing its new food manufacturing factory on a 15-acre land in Pulau Indah, Selangor.

The new factory will comprise a two-storey frozen food factory and a three-storey office, with a production capacity that is five times its two existing factories in Shah Alam.