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Share split, or bonus issue, does not dilute the share value. In fact, your share value will not change after the bonus issue. Bonus issue only make the share price lower so it is more accessible to public, therefore increase the liquidity of the stock.
What dilute the share value is right issue or private placement.
Of coz when a share price is split then no doubt that the share is diluted but then again the price become more affordable for public to invest and existing holder will receive more dividend due to the company good future prospect … like how vitrox is