PETALING JAYA: Cahya Mata Sarawak Bhd
(CMS) plans to use the bulk of the RM526.6mil proceeds it will receive from the disposal of its 25% stake each in OM Materials (Sarawak) Sdn Bhd and OM Materials (Samalaju) Sdn Bhd for working capital and investments.
The Kuching-based group plans to allocate 50% or RM263.3mil of the proceeds for working capital while 25% or RM131.7mil be used for future acquisitions or investments with no indications of a special dividend payout, MIDF Research said in a report yesterday.
The sale of the stakes to OM Materials (S) Pte Ltd, a wholly owned subsidiary of OM Holdings Ltd, will raise CMS’ net cash to RM627.2mil according to the research house.
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