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Update Ancom Logistics plans capital repayment, special dividend

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Update Ancom Logistics plans capital repayment, special dividend Empty Update Ancom Logistics plans capital repayment, special dividend

Post by Cals Wed 09 Oct 2013, 01:52

Update Ancom Logistics plans capital repayment, special dividend
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com   
Tuesday, 08 October 2013 19:13

KUALA LUMPUR (Oct 8): Ancom Logistics Bhd (ALB) has proposed a combined cash distribution of eight sen a share via a capital repayment and special dividend.
In a statement to Bursa Malaysia, ALB said the cash distribution forms a part of the proceeds from the proposed sale of a 100%-owned subsidiary. ALB is selling the entire stake in Sinsenmoh Transportation Pte Ltd to Singapore-based CWT Ltd for S$19 million (RM48.15 million).
ALB said : "The board proposes to declare and pay part of the disposal consideration as a special cash dividend of approximately RM18.9 million on the basis of RM0.04 per ALB share to the entitled shareholders on the entitlement date, which will be determined by the board and announced in due course”.
ALB said it also intends to make a capital repayment of four sen a share following a proposed capital reduction in the firm. Under the capital reduction, the par value of ALB shares will be reduced to five sen from 10 sen each.
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