Wednesday, 2 May 2012

Syarikat Takaful trades at highest since 1996 IPO

KUALA LUMPUR (May 2) : SYARIKAT TAKAFUL MALAYSIA BHD [] rose as much as 7% to its highest since the Islamic insurer’s initial public offering (IPO) in July 1996 as investors bought the stock before it trades ex-dividend next Monday.

The stock, among top gainers on Wednesday, climbed 29 sen to settle at RM4.25 at lunch break with some 513,000 shares traded. Syarikat Takaful’s IPO about 16 years ago had involved eight million shares at RM2.30 each.

The firm plans to pay a final single-tier dividend of 10% which translates into 10 sen a share for financial year ended December 31, 2011. This brings total gross dividends for the year to 17 sen a share which translates into a 4% yield based on the stock’s latest price.

The final lodgement date for the 10% final single-tier dividend falls on May 9.

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