Friday 29 Mar 2024
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KUALA LUMPUR (March 20): As promised to shareholders earlier, Comintel Corp Bhd today declared a special dividend of 45 sen per share.

In a filing with Bursa Malysia, Comintel said the dividend will be paid on April 19 with the ex-date on April 2.

The group had said last October that it will reward shareholders with the special payout upon completion of its disposal of wholly-owned subsidiary BCM Electronics Corp Sdn Bhd for RM123.8 million.

It had said that the dividend would amount to about RM63 million, and will be paid  from the proceeds of the disposal, after settling RM11.5 million owed to BCM Electronics.

BCM Electronics was bought by Aurelius Holdings Sdn Bhd, a newly incorporated company in which Comintel executive director Loh Hock Chiang is a shareholder.

Comintel is principally involved in the manufacturing and assembling of electronic components. The group also provides total integrated information technology and telecommunication solutions as well as system maintenance, repair and testing services for the defence industry.

Comintel had reported a 78.4% fall in net profit for the third quarter ended Oct 31, 2017 to RM1.06 million, from RM4.91 million a year earlier, due to a lower profit margin recorded in manufacturing segment and system integration and maintenance services.

Quarterly revenue dropped 6.2% to RM103.96 million from RM110.82 million.

Comintel’s shares closed unchanged today, giving it a market capitalisation of RM96.6 million. Over the past 12-months, the counter has fallen 24.18%.

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