KUALA LUMPUR (Jan 9): KSL Holdings Bhd rose as much as 9% as investors chased the property developer's shares to be entitled for its dividend.

The dividend entitlement enables shareholders to participate in KSL's dividend reinvestment plan, which involves issuance of new shares at a discount to current prices.
 
KSL rose as much as 17 sen to RM2.06, before changing hands lower at RM2.05 at 2.34pm. The bourse's fifth-largest gainer saw some two million shares done.

KSL had extended gains, after rising 16 sen to RM1.89 yesterday.

KSL plans to pay an interim dividend of 10%, which translates into five sen a share based on the stock's par value of 50 sen.

Shares of KSL will trade ex-dividend this Jan 27, while the payment date falls on Feb 25.

Under the dividend reinvestment plan, shareholders may opt to reinvest their dividend for new KSL shares. The firm has fixed the issue price of the new shares at RM1.57.
 
Today, the rise in KSL's share price also coincides with the listing of 1.27 million new shares in the company. The new units resulted from the conversion of KSL's 2011/2016 warrants into shares.

KSL warrant owners have converted their units to be entitled for the dividend. Following the conversion, KSL has an issued base of 790.12 million shares.