PETALING JAYA: UEM Edgenta Bhd is looking into the possibility of paying out a special dividend following the disposal of its subsidiary in New Zealand.
The company which is in a range of providing services or a range of sector from the medical industry to highways and buildings, will receive RM5328mil from the sale of its 61.2% stake in New Zealand-listed Opus International Consultants Ltd (OIC).
About RM415.2mil of the proceeds will be used for repayment of borrowings and to significantly pare down UEM Edgenta’s gearing to 0.22 times from 0.64 times.
It will leave UEM Edgenta with more than RM120mil left, which has so far been earmarked for working capital.
When asked, managing director-cum-CEO Datuk Azmir Merican said the company would look into the possibility of paying out a special dividend.
“We will look into it after the completion of the disposal,” he said.
Yesterday shareholders approved UEM Edgenta’s disposal of its stake in OIC.
Azmir said the disposal would strengthen the group’s balance sheet and allow the company to focus on organic growth moving forward.
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