MBf (1236) may pay out more dividends (Update)

KUALA LUMPUR: MBf Holdings Bhd, which is selling its credit and charge card operations to AMMB Holdings Bhd, is looking into the possibility to reward the shareholders of more dividends.
MBf group CEO Tan Sri Mogan Lourdenadin
said on Friday the plan was to pay out a total of RM1 as dividend per
share, which includes the special net dividend of 30 sen a share
proposed earlier.
At the EGM on Friday, the shareholders had unanimously voted in favour of the disposal of subsidiary MBF Cards (M) Sdn Bhd for a total cash consideration of RM623.4mil to AMMB Holdings Bhd.
He also said over the next 24 months, the company would dispose of more non-core assets.
After
the sale of the businesses, it plans to focus on its core business
including printing and property in Malaysia. Among the core areas are
its Papua New Guinea business undertaken by WR Carpenter which includes
coffee and tea plantations and the retailing of hardware products and
household items.
AMMB's proposed acquisition of the credit and
charge card operations would include a 33.33% owned associate company
of MBF Cards called Bonuskad Loyalty Sdn Bhd,
whose principal business is conducting a customer loyalty scheme. The
shareholders of MBF Cards are MBf Holdings and its wholly-owned
subsidiaries, Atox Cards Sdn Bhd and Jastura Sdn Bhd, which hold 51%, 11.55% and 37.45% equity interest respectively in MBF Cards.