PIE Industrial rises 5.07% after dividends proposal

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KUALA LUMPUR (April 4): Shares of PIE. Industrial Bhd rose as much as 5.07% this morning after the company proposed dividends to shareholders yesterday for the year ended Dec 31, 2017 (FY17).

At 10:30am, its shares pared some of the gains and were trading up 2 sen or 1.45% at RM1.40 after 34,800 shares exchanged hands.

According to a filing with Bursa Malaysia yesterday, PIE sought shareholders' approval to pay out a special single tier dividend of 3.6 sen per share, as well as a first and final single tier dividend of 2.4 sen per share.

However, the dividends' entitlement and payment dates have yet to be finalised, the company said.

This comes as PIE recorded an increase of 33.1% year-on-year in its net profit for FY17 at RM48.01 million from RM36.07 million. Revenue for FY17 stood at RM679.28 million, up 17.3% from RM579.29 million in the previous year.