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Hot Stock Abric jumpss 4.76% on divestment, special dividend plans

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Hot Stock Abric jumpss 4.76% on divestment, special dividend plans Empty Hot Stock Abric jumpss 4.76% on divestment, special dividend plans

Post by Cals Fri 26 Sep 2014, 08:27

Hot Stock Abric jumpss 4.76% on divestment, special dividend plans
Business & Markets 2014
Written by Surin Murugiah of theedgemalaysia.com   
Thursday, 25 September 2014 09:29

KUALA LUMPUR (Sept 25):  Shares of Abric Bhd rose in early trade on Thursday after it proposed to sell its entire core business of producing electronic security seals to UK-based ESNT International Ltd for RM146 million cash, on a cash-free debt-free basis, effectively turning Abric into a cash-rich shell company.
At 9.11am, Abric jumped 4.76% to 77 sen with 6.51 million shares traded. 

Once the divestment has been approved and completed, which is planned to take place in the fourth quarter of this year, Abric plans to distribute a special dividend of 30 sen per share, which is about 41% of its stock price of 73.5 sen at today’s close. 

“The board (of Abric) believes that the proposed disposal provides an opportunity for Abric to unlock the value of its investments in the disposal companies, at a reasonable price… Abric is expected to record a gain on disposal of approximately RM63.9 million,” the company said in a filing with Bursa Malaysia.
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