KUALA LUMPUR (Nov 12): Ipmuda Bhd has received its shareholders’ approval for all five proposed corporate exercises including a special cash dividend of 30 sen and the acquisition of the 100% equity in healthcare service provider Ultimate Forte Sdn Bhd.
In a statement on Friday (Nov 12), the group said the five proposed corporate exercises were tabled and approved in a virtual extraordinary general meeting held on the same day.
“The special dividend and bonus issue are means for us to say thank you to our long-standing shareholders for the trust and support they have placed in us.
“We hope that they (shareholders) will continue to stand by us as Ipmuda moves ahead to become a leading player in the renewable energy and healthcare sectors,” according to Ipmuda executive chairman Datuk Beroz Nikmal Mirdin.
The group said it had allocated a total of RM30.44 million for the proposed special dividend of 30 sen to its shareholders, with the entitlement date to be determined and announced later.
Meanwhile, Ipmuda highlighted that the acquisition of Ultimate Forte for a total purchase consideration of RM18 million will be satisfied via a combination of cash (RM6.68 million) and Ipmuda shares amounting to RM11.32 million.
The other three resolutions of the proposed corporate exercises included the disposal of a piece of leasehold property to Pixel Valley Sdn Bhd, a wholly-owned subsidiary of Kerjaya Prospek Property Bhd, for RM82 million and the proposed bonus issue of 101.46 million new ordinary shares in Ipmuda together with 152.19 million free detachable warrants in Ipmuda on the basis of two bonus shares together with three warrants for every two existing Ipmuda shares.
Ipmuda shareholders also approved a proposed renounceable rights issue of 101.46 million new ordinary shares in Ipmuda on the basis of one rights share for every one existing Ipmuda shares at an issue price of 30 sen per rights share.
“We are delighted with the overwhelming support shown by the shareholders towards our 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. To add on, this will also create a greater opportunity for market players to participate further in Ipmuda, translating into an increase in share liquidity and an even more active market for us,” Beroz said.
At Friday's noon break, shares in Ipmuda settled five sen or 2.34% lower at RM2.09, giving it a market value of RM212.05 million.
The stock had risen by 154.88% from a mere 82 sen on Jan 4, 2021.