Pacificmas shares surge on special dividend annoucement

KUALA LUMPUR: PacificMas Bhd share price surged yesterday, closing at a high of RM4.31 in active trade, bucking the overall weaker markets after it announced a special dividend of RM2.405 which would go ex on June 13.

PacificMas rose to the highest in almost 13 months, closing up RM1.01, or 30.61% to RM4.31.

It hit limit-up when it surged 99 sen, or 30% to RM4.29 within the first 10 minutes of trading.

However, Bursa Malaysia adjusted the upper limit price from RM4.30 to RM4.31 at the midday break.

In a filing with Bursa Malaysia, PacificMas said the special dividend was part of the proposed distributions following the completion of the proposed disposals of several companies on May 31.

PacificMas also said it would carry out the proposed capital repayment of 95 sen per share to all entitled shareholders after the completion of the proposed disposals and the proposed realisation of residual assets.

“Barring any unforeseen circumstances, the payment of the proposed capital repayment would be made in early October,” it said.

It also reiterated that the board would go ahead to wind up upon completion of the proposals as the company would only be left with some remaining illiquid assets. The company would then be de-listed.

Last Friday, PacificMas surprised shareholders with a single tier tax-exempt special interim dividend of RM2.405 per share for the financial year ending Dec 31.

PacificMas had, in a circular to shareholders, given an indicative distribution price of RM3.38

Barring any unforeseen circumstances, the payment of the proposed capital repayment would be made in early October.

— PACIFICMAS

to RM3.40.

The company said the indicative distribution price had not taken into account any unforeseeable contingent liabilities or claims made against PacificMas.

To recap, OCBC Capital (Malaysia) Sdn Bhd had on Oct 17, 2011 proposed to acquire 100% of Pac Lease Bhd, PB Pacific Sdn Bhd, PacificMas Fidelity Sdn Bhd and PacificMas Capital Sdn Bhd and 85% in Pacific Mutual Fund Bhd.

The purchase consideration would be RM450mil to be satisfied by the payment of RM164.23mil cash on completion and RM285.76mil as the amount due and owing by OCSB to PacificMas payable at a later date.

In a separate statement, Bursa said it had changed the upper limit price of PacificMas.

“This change is in accordance to our trading manual which states in opening a securities under ‘reserved’ status, market operations will at times be required to change the upper or lower price limit of the securities up to two bids.

“This can happen when there is a limit order entered by POs at either the upper or the lower price limits with a market order,” it said.