MBfH proposes special dividend of 40 sen

by **hlk** Fri 10 May 2013, 10:56

Business & Markets 2013
Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com
Friday, 10 May 2013 10:08
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KUALA LUMPUR: MBf HOLDINGS BHD [] (MBfH), which is being taken
off Bursa Malaysia after a successful privatisation by its major
shareholder, has declared a special gross dividend of 40 sen per share.
In an announcement to Bursa Malaysia yesterday, it said the special
dividend, less 25% tax, is to be paid by the company within six months
from the sale of its subsidiary, MBF Cards (M’sia) Sdn Bhd, which is
slated to be completed by June 2.
Last December, the company disposed of its entire stake in MBF
Cards, which handled its credit and charge card operations, to AMMB
HOLDINGS BHD [] for RM623.4 million. It had then alluded to a payout
of 30 sen per share.
The latest development indicates a net dividend payout of about 30 sen,
similar to what the company had alluded to earlier.
MBf H’s controlling shareholder Tan Sri Dr Ninian Mogan Lourdenadin is
in the process of compulsorily acquiring all the shares he does not own
in the company following a successful privatisation earlier this month.
He had managed to garner 98.92% of the company’s shares as at May
8 after increasing his offer to RM1.775 per share.
MBfH said in the announcement the payout for the shares acquired
compulsorily would be reduced to 30 sen per share if the payment of
the special dividend is made prior to the payment for the offer shares under the compulsory acquisition.
“In such an event, the net offer consideration for each offer share to be compulsorily acquired will be reduced from RM1.775
to RM1.475 per offer share,” said MBfH.
On May 8, the joint offerors, Tor Pte Ltd, Nadin Holdings Sdn Bhd, Impact Action Sdn Bhd and Market Share Investments Ltd,
had invoked the provisions to compulsorily acquire any offer shares for which acceptance had not been received under the
takeover offer which closed on April 26.
Ninian Mogan made his first attempt to privatise MBfH in 2010, with an offer of RM1.50 per share. On March 14, 2013 he
revised his offer price to RM1.70 and extended the takeover deadline to April 26 from March 20. On April 11, he raised the
offer price again to RM1.775.