the malaysian plantation company stock was recently trading at 139 ringgit 030 down 41 fgv holdings late friday proposed a bonus issue of up to 3648 million new islamic redeemable preference shares on the basis of one new islamic redeemable preference share for every 10 existing ordinary shares held in fgv with an issue price of myr010 per share the proposed bonus issue shares will be separately listed on the main market of bursa securities and likely to be completed in the fourth quarter the company said in a filing as of may 22 fgvs public shareholding spread was at 1309 narrower than the minimum requirement of 25 fgv said its parent company the federal land development authority which holds 8191 stakes intended to dispose as many shares as may be required to comply with regulators public spread requirement after completion of the bonus issue fgv said the proposed bonus issue also provides shareholders with better exposure via preferential dividends to the distributable profits of the key companies under fgv which are involved in upstream plantation activities ta securities analyst angeline chin downgraded fgvs rating to sell from hold due to limited upside but kept the target price at myr145 aminvestment bank analyst gan huey ling deemed the proposal neutral noting this isnt a surprise as fgv has previously said it might issue islamic redeemable preference shares to address the problem with its public shareholding spread aminvestment bank maintained a hold rating with a target price of myr135 on fgv