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Hot Stock Genting rises on special dividend announcement
by Cals Fri 30 Aug 2013, 10:22
Hot Stock Genting rises on special dividend announcement
Business & Markets 2013
Written by Reuters
Friday, 30 August 2013 10:07
KUALA LUMPUR (Aug 30): Shares in gaming-to-PLANTATION []s conglomerate GENTING BHD [] climbed as much as 3.5 percent after the company proposed a 50 sen special cash dividend despite a drop in second-quarter net profit.
The counter climbed 3.16 percent to 9.47 ringgit at 0110 GMT, the top gainer on the benchmark key index that rose 0.56 percent. Genting announced on Thursday evening plans to sell one warrant for every four shares held at 1.50 ringgit.
"We are positive on the proposal as it would benefit investors whereby shareholders do not need to pay for the warrants for they are effectively given for 'free', while we remain confident on the group's future prospects," Hong Leong Investment Bank said in a note.
The group reported a 12.7 percent drop in quarterly profit ended June as weaker palm oil sales and lacklustre contributions from its Malaysian and Singaporean casinos weighed.
Shares in Genting's unit Genting Malaysia Bhd rose 1.73 percent to 4.11 ringgit at 0115 GMT, Genting Plantations Bhd climbed 2.35 percent while Genting Singapore Plc increased 0.76 percent. 0916 (0116 GMT)
Business & Markets 2013
Written by Reuters
Friday, 30 August 2013 10:07
KUALA LUMPUR (Aug 30): Shares in gaming-to-PLANTATION []s conglomerate GENTING BHD [] climbed as much as 3.5 percent after the company proposed a 50 sen special cash dividend despite a drop in second-quarter net profit.
The counter climbed 3.16 percent to 9.47 ringgit at 0110 GMT, the top gainer on the benchmark key index that rose 0.56 percent. Genting announced on Thursday evening plans to sell one warrant for every four shares held at 1.50 ringgit.
"We are positive on the proposal as it would benefit investors whereby shareholders do not need to pay for the warrants for they are effectively given for 'free', while we remain confident on the group's future prospects," Hong Leong Investment Bank said in a note.
The group reported a 12.7 percent drop in quarterly profit ended June as weaker palm oil sales and lacklustre contributions from its Malaysian and Singaporean casinos weighed.
Shares in Genting's unit Genting Malaysia Bhd rose 1.73 percent to 4.11 ringgit at 0115 GMT, Genting Plantations Bhd climbed 2.35 percent while Genting Singapore Plc increased 0.76 percent. 0916 (0116 GMT)
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