Kulim rises 3% after shareholders okay NBPOL stake sale

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KUALA LUMPUR (Dec 4): Kulim (M) Bhd rose as much as 2.8% after shareholders approved the sale of the company's 48.97% stake in New Britain Palm Oil Ltd (NBPOL) to Sime Darby Bhd for RM2.75 billion.

Investors have also bought Kulim shares to capitalise on its proposed dividend to be paid later this month.

Kulim rose as much as nine sen to RM3.33 before reducing gains. At 10.15am, the stock was traded at RM3.31 with 376,800 shares done.

For comparison, Sime Darby Bhd rose six sen or 0.6% to RM9.57 while the FBM KLCI climbed 1.96 points or 0.1%.
Yesterday, Kulim said shareholders had at the company's extraordinary general meeting approved the NBPOL stake sale to Sime Darby.

Sime Darby offered to buy the NBPOL stake comprising 73.48 million shares at GBP7.15 a share or approximately GBP525.4 million (RM2.75 billion).

Meanwhile, Kulim said in a separate announcement that it planned to pay a 9.5 sen a share dividend to shareholders.

Kulim shares will trade ex-dividend this December 17 while the payment date falls on December 29.