Ni Hsin Resources declares first dividend in almost five years

This article first appeared in The Edge Financial Daily, on February 13, 2019.
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KUALA LUMPUR: Ni Hsin Resources Bhd yesterday declared its first interim dividend in almost five years. The dividend for the financial year ending Dec 31, 2019 is via a share dividend distribution of up to 24.39 million units of treasury shares.

In a filing with Bursa Malaysia, the premium steel cookware manufacturer said the treasury shares will be distributed on the basis of one treasury share for every 12 Ni Hsin shares. Fractions of treasury shares will be disregarded.

The dividend is payable on March 22.

Ni Hsin last paid an interim dividend of 0.5 sen per share on Nov 13, 2014.

Last month, the group had proposed a bonus issue of up to 160.76 million free detachable warrants in Ni Hsin on the basis of one warrant for every two existing shares. An extraordinary general meeting will be held on Feb 15 to seek shareholders’ approval for the proposed bonus issue.

Ni Hsin shares fell 1.5 sen, or 4.41%, to close at 3.25 sen yesterday, valuing it at RM95.12 million.