EcoWorld International declares RM792 mil first interim dividend

• Eco World International stated that the declaration of the first interim dividend follows the completion of the reduction of the issued share capital of the company pursuant to Section 117 of the Companies Act 2016 (Capital Reduction Exercise) which had been announced on Aug 3, 2023.

KUALA LUMPUR (Aug 24): Eco World International Bhd announced that its board of directors decided today to declare and pay a first tranche dividend amounting to RM792,000,587.40, representing 33 sen per share as an interim dividend in respect of FY2023 (first interim dividend).

In a media release, Eco World International stated that the declaration of the first interim dividend follows the completion of the reduction of the issued share capital of the company pursuant to Section 117 of the Companies Act 2016 (capital reduction exercise) which had been announced on Aug 3, 2023.

The key dates of the first interim dividend were entitlement date: Sept 11, 2023; and payment date: Sept 29, 2023.

The company had earlier announced that it was targeting to make a first tranche dividend distribution of at least RM300 million to shareholders following the completion of its capital reduction exercise.

“The significantly higher amount of RM792 million achieved is attributable to the steady progress made to date on the sale of completed stocks that has generated substantial cash for the company,” said Datuk Teow Leong Seng (pictured), president & CEO of EcoWorld International.

“As we continue to focus on our objective of monetising our completed stocks, cash preservation and generation, we aim to work towards distributing more excess cash back to shareholders, after setting aside the necessary amounts for the group’s working capital requirements,” he added.

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