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KUALA LUMPUR (Feb 14): Ekovest Bhd, which has completed the sale of a 40% stake in the Duta-Ulu Kelang Expressway (DUKE) concession to the Employees Provident Fund (EPF), will be paying a 25 sen special dividend to shareholders.
In a filing with Bursa Malaysia yesterday, Ekovest said its shares will trade ex-dividend on Feb 23, with the payout slated for March 8.
Ekovest previously said it was disposing of a 40% equity interest held in Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) to the EPF for RM1.13 billion.
Kesturi is the concessionaire of DUKE, a 34km highway comprising two phases, with a concession period of 54 years. It was previously an indirect wholly-owned unit of Ekovest. Upon completion of the stake sale, Ekovest is left with a 60% stake in Kesturi.
Ekovest said the remainder of the disposal proceeds will be used for repayment of borrowings, exit payment, working capital and expenses for the corporate exercise.
In a separate announcement yesterday, Ekovest also updated that its share split, which involves the subdivision of every two existing shares into five, will also go ex on Feb 23.
This article first appeared in The Edge Financial Daily, on Feb 14, 2017.
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