CIMB Group adds free floats by give special dividend in shares

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CIMB Group Holdings Bhd, parent company of PT Bank CIMB Niaga Tbk (IDX: BNGA) has proposed a special interim dividend to be paid in shares to increase the public float of its Indonesian subsidiary to complyIndonesia Stock Exchange (IDX) listing rules. IDX’s requirement of at least 7.5 percent of public listed company total issued and paid-up shares being held by public shareholders. In a filing at Bursa Malaysia, CIMB proposed to distribute 1.367 billion existing BNGA Class B shares, or about 5.44 percent of equity interest of the bank. Currently, CIMB Group owns a 97.94 percent stake. The value of dividend around Rp504 a share, determined based on the 5-market day volume weighted average price of Niaga shares up to and including June 15.

 

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Source: The Insiderstories
CIMB Group adds free floats by give special dividend in shares

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