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KUALA LUMPUR (Sept 1): LBS Bina Group Bhd has earmarked 40% from a HK$200 million (RM108 million) part payment as special dividend.
In a filing with Bursa Malaysia today, LBS said the HK$80 million would finance the special dividend within five months.
The HK$200 million part payment forms a portion of the HK$1.65 billion LBS stands to receive from the sale of its 100% stakes in Lamdeal Consolidated Development Ltd and Lamdeal Golf & Country Club Ltd to Zhuhai Holdings Investment Group Ltd.
LBS said: "The Board is pleased to announce that the company has today received the second tranche of deferred cash payment of HK$200 million, early by four months from the due date."
“The board applauded the early payment as it enables the group to reduce its cost of borrowings thus contributing positively to the cash flow and earnings of the group for the financial year ending Dec 31, 2015,” LBS said.
Besides the special dividend, LBS said it would use the HK$200 million to reduce bank borrowings and finance operating expenses.
LBS said it set aside HK$70 million and HK$20 million to cut debt and finance operating expenses respectively. The company said it planned to use the allocations within one year.
At 3.36pm today, LBS shares fell one or 0.8% to RM1.29, valuing the group at RM703.1 million.
The stock saw 626,800 shares done.
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