Selangor Dredging to pay special dividend of 19 sen after disposing of building

PETALING JAYA: Selangor Dredging Bhd will pay out a special dividend of 19 sen per share, after completing the disposal of Wisma Selangor Dredging in Kuala Lumpur for RM480 million to Golden Eagle Realty Sdn Bhd.
The group’s board of directors said in a Bursa Malaysia filing that the entitlement date for the dividend is Jan 18 while the payment date is set for Jan 29.
The group announced in a filing with the stock exchange on Dec 5 that the disposal had been completed.
Selangor Dredging had previously said the sale price for the building located on Jalan Ampang was at a 20.9% premium to its market value and a 50.9% premium to its net book value as at March 31, 2016.
Its managing director Teh Lip Kim said in September that the sale was a step in the right direction, as it would enable the group to pare down its borrowings of RM248 million and save some RM13 million in cost, which is almost on par with its net rental collection of RM14 million.
On Bursa Malaysia today, Selangor Dredging fell 0.01% to close at RM1.06 with 85,900 shares traded.