No wonder MBF move

Special Dividend of 40 cents approve in EGM today.


MBf shareholders may get 60 sen more in special dividends
Business & Markets 2012
Written by Chua Kai Shen and Ho Ching-Ling of   
Friday, 14 September 2012 13:03

KUALA LUMPUR (Sept 14): Shareholders of MBf HOLDINGS BHD [] can expect so see up to an additional 60 sen distribution per share in the form of special dividends as the group continues to dispose of its non-core assets and businesses over the next two years.

MBf group chief executive officer, Tan Seri Mogan Lourdenadin, told the press that the group would be disposing more of its non-core assets to focus on its main business operations.

“We will be selling off more non-core assets in the next 24 months so that we can focus on our main core businesses which includes our printing business and operations in Papua New Guinea,” said Lourdenadin after the group’s extraordinary general meeting (EGM) today.

“We do intend to distribute up to 60 sen in dividends back to our shareholders over the course of these disposals,” he added.

The group recently announced it was disposing of its credit card operations to AMMB HOLDINGS BHD [] for a total consideration of RM623.4 million and has declared a special franked dividend of 40 sen per share from the proceeds of the disposal.

The disposal was approved by shareholders at the EGM today.

MBf said it also has plans to venture into property development in the coming year. According to Lourdenadin, MBf currently has a sizeable landbank of 3,450 acres located next to Kulim Industrial Park which it will turn into mixed developments.

“Around 30% of the land will be sold but we intend to have some mixed developments in the area. We’re expecting works to begin sometime mid next year,” he said.