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NewsGlobetronics declares lower special dividend of 5 sen to conserve cash
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Globetronics declares lower special dividend of 5 sen to conserve cash
by Cals Sat 05 Sep 2015, 00:46
- ROM THE EDGE
[size=28]Globetronics declares lower special dividend of 5 sen to conserve cash
By Chen Shaua Fui / digitaledge Daily | September 4, 2015 : 10:16 AM MYTKUALA LUMPUR: Cash-rich Globetronics Technology Bhd has declared total dividend per share of 10 sen, comprising a special dividend of five sen, for the financial year ending Dec 31, 2015 (FY15). The special dividend is lower than the previous corresponding quarter of FY14 as the semiconductor firm wants to conserve cash for expansion.
In a filing with Bursa Malaysia yesterday, Globetronics (fundamental: 3; valuation: 1.7) announced a second interim dividend of 10% per share of 50 sen each, or five sen, and similar quantum for a special dividend of 10%.
The ex-date for both dividends is on Oct 20, payable on Nov 4.
“The rate of the single-tier special dividend declared is lower by 2%, compared with the rate of the special dividend declared for the corresponding period in FY14.
“The lower dividend is to conserve cash for the future capital expenditures and expansion of the group,” said Globetronics.
The group is in a net cash position. As at June 30, 2015, its cash and cash equivalents stood at RM177.29 million, while its borrowings totalled RM15.18 million.
This article first appeared in digitaledge Daily, on September 4, 2015.
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