Selangor Dredging declares special dividend of 19 sen

KUALA LUMPUR (Jan 3): Selangor Dredging Bhd (SDB) has declared a special dividend of 19 sen per share from proceeds of the group's sale of Wisma Selangor Dredging.

The dividend is payable on Jan 29 with the ex-date set at Jan 16, SDB said in filing with Bursa Malaysia.

SDB had announced the disposal of Wisma Selangor Dredging to Golden Eagle Realty Sdn Bhd for RM480 million on June 20 last year.

The property comprised a piece of freehold commercial land together with four blocks of commercial buildings and two levels of basement car parks in Jalan Ampang. The buildings house SDB's headquarters while some floors are leased out.

Apart from using the gross proceeds to settle outstanding debts (RM248.75 million), for working capital (RM103.07 million), and to repay borrowings (RM19.2 million), SDB had announced that it would distribute RM80.96 million of the proceeds to shareholders via a special dividend.

SDB shares closed down one sen or 0.94% to RM1.06 today, valuing the company at RM455.95 million. — theedgemarkets.com

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