今天DIGI RM4.84， Timecom RM3.50
-RM665million/573093000 TDC share =RM1.1603/share
RM1.16/RM3.5 = 33% return
TIME dotCom plans to distribute DiGi shares
KUALA LUMPUR: TIME dotCom Bhd (TIME) has proposed to distribute by way of
a dividend-in-specie (or in kind) up to 137.5 million
shares in DiGi.Com Bhd (DiGi) to TIME shareholders.
The shares value amount to RM665 million at today’s market price.
"This move signifies confidence in the earnings and growth ability of our core business,
which is sustainably generating healthy profits.
"We are grateful for the support and trust of our shareholders, and are very pleased to announce this proposal,"
TIME Chief Executive Officer Afzal Abdul Rahim said in a statement today.
TIME shareholders will receive approximately six shares in DiGi for every 25 shares held in TIME.
The whole exercise is expected to be completed in the first half of 2013.
TIME acquired its stake in DiGi in 2008. Following the proposed dividend,
TIME will continue to own 137.5 million shares in DiGi.
Profitable since 2009, TIME registered RM54 million in core operating profit on the back of RM101 million
of earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first nine months of 2012.
"We are comfortable that our core business accords us resources and headroom to maintain our growth trajectory.
Post-exercise, the balance sheet will better reflect TIME’s core business," said Afzal.--BERNAMA