Ipmuda gets shareholders’ nod for corporate exercises, cash dividend

KUALA LUMPUR: Ipmuda Bhd has received its shareholders' approval for all the five proposed corporate exercises including a special cash dividend of 30 sen and acquisition of the 100% equity in Ultimate Forte Sdn Bhd.

It said in a statement on Friday Ultimate Forte owns and operates Ohana Specialist Hospital, a 30-bedded private hospital specialising in paediatrics and obstetrics & gynaecology in Seri Rampai, Kuala Lumpur.

The five proposed corporate exercises tabled and approved at the virtual EGM:

1. Proposed disposal by Rosel-BLG Sdn Bhd, a subsidiary of Better Living Grand Sdn Bhd which is a unit of Ipmuda, of a piece of leasehold property to Pixel Valley Sdn Bhd -- a unit of Kerjaya Prospek Property Berhad -- for RM82mi. This will be satisfied by RM80mil cash and RM2mil in kind by way of properties;

2. Proposed special cash dividend of 30 sen a share totalling RM30.43mil.

3. Proposed issue of two bonus shares together with three warrants for every two existing Ipmuda shares.

4. Proposed renounceable rights issue of 101,457,300 new ordinary shares in IPMUDA on the basis of one rights share for every one share at 30 sen per rights share; and

5. Proposed acquisition of the entire 8.80 million shares in Ultimate Forte, for RM18mil via RM6.68mil cash and new Ipmuda shares amounting to RM11.32mil.

At the EGM, Ipmuda executive chairman, Datuk Beroz Nikmal Mirdin said the shareholders had given overwhelming support for its transformation strategy.

“The divestment of our existing properties is part of our goal to unlock the value of our property assets and channel the funds generated into our new growth assets.

“With the corporate exercises, we have expanded the capital base of Ipmuda hence strengthening the group’s financial position,” he said.

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