Bursa rejects Affin Bank’s bid to cut interim dividend to 5 sen from 7 sen

Bursa rejects Affin Bank’s bid to cut interim dividend to 5 sen from 7 sen
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KUALA LUMPUR (May 6): Affin Bank Bhd has failed in its bid to lower its fourth quarter interim dividend to five sen per share, from seven sen announced in February. 

Bursa Malaysia Securities has rejected its revision application, the banking group said in a filing today.

As such, the dividend of seven sen will be reinstated, it said, without stating any reason for the rejection.

“A further announcement will be made in due course upon finalisation of the details of the interim dividend,” it said. 

Affin Bank had sought to reduce its interim dividend for the fourth quarter ended Dec 31, 2019 from seven sen per share or RM139.02 million to five sen per share or RM99.3 million.

The group had said that it was seeking to preserve capital and liquidity in view of the economic slowdown and its support of Bank Negara Malaysia’s measures amid the Covid-19 outbreak. 

Affin Bank’s share price fell one sen or 0.65% to RM1.52 today, valuing the group at RM3.02 billion.