Golden Land plans cash distribution

PETALING JAYA: Golden Land Bhd (GLB) plans a cash distribution of 88 sen per ordinary share, subject to the completion of the RM655mil proposed disposal of its subsidiaries and land in Beluran, Sabah, to Felda Global Ventures Holdings Bhd’s (FGV) unit.

GLB told Bursa Malaysia that the payout, totalling about RM190.33mil, would be done through a proposed capital reduction that would slash its shares’ par value from RM1 to 25 sen each and repayment of 75 sen via the reduction, and the proposed distribution of a special cash dividend of 13 sen each, for a total of about RM28.12mil.