Asia Pulse
MALAYSIA'S JT INT'L PROPOSES CASH DISTRIBUTION TO SHAREHOLDERS
Wednesday July 23, 06:26 PM
KUALA LUMPUR, July 23 Asia Pulse - JT International Berhad (KLSE:2615) Tuesday announced its intention to distribute cash amounting to RM0.75 for each existing ordinary share to its shareholders by way of a Proposed Capital Repayment Exercise at an entitlement date to be determined later.
The proposed exercise will be in the form of cash distribution, funded entirely by the group's cash reserves, the subsidiary of Japan Tobacco Inc. (JT) (TSE: 2914), the world's third largest tobacco company, said in a statement to Bursa Malaysia on July 22.
Following the exercise, the share capital will be reduced by RM196.15 million (US$60.6 million).
JT International said it intends to undertake the proposed exercise as part of the group's initiative to return excess capital and reward its shareholders for their continuous support for the group.
"The proposed exercise reflects JT International Berhad's continuous efforts to achieve an efficient capital structure and is expected to enhance return on equity," it said.
The proposed exercise will not have any material effect on the group's consolidated earnings per share and shareholders percentage holdings in JT International will not be affected.
Upon completion of the proposed exercise, the group's financial position will remain strong, supported by the continued cash flow generated from its operations, which are expected to support its operational needs, dividend payments as well as any future investment opportunities which may arise in the immediate to medium term, it said.
ASIA PULSE
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