What does a listed company like DutaLand Bhd do when it is flush with cash – RM750 mil to be exact?
Its minority shareholders, for one, are hoping they will receive a windfall in the form of a cash payout. That is unless the board of directors has other plans.
Sources say one of the options the board is mulling is to revive a long-abandoned project in the heart of Kuala Lumpur, the Duta Grand Hotel. However, that may not go down well with minorities. They want the cash.
And they don’t want to sell their shares either as although the net cash per share is 80 sen, the stock was trading at just 48 sen......
The company has until May next year to find a new business after which it will slip into PN17 status as it does not have a core business.
DutaLand became cash-rich following a deal in October last year to dispose of 11,579ha of plantation to Boustead PlantationsBhd’s unit, Rimba Nilai Sdn Bhd, for RM750 mil. The deal involved the disposal of 42 parcels of land in Sandakan, Sabah and was completed in May this year.
Its minority shareholders, for one, are hoping they will receive a windfall in the form of a cash payout. That is unless the board of directors has other plans.
Sources say one of the options the board is mulling is to revive a long-abandoned project in the heart of Kuala Lumpur, the Duta Grand Hotel. However, that may not go down well with minorities. They want the cash.
And they don’t want to sell their shares either as although the net cash per share is 80 sen, the stock was trading at just 48 sen......
The company has until May next year to find a new business after which it will slip into PN17 status as it does not have a core business.
DutaLand became cash-rich following a deal in October last year to dispose of 11,579ha of plantation to Boustead PlantationsBhd’s unit, Rimba Nilai Sdn Bhd, for RM750 mil. The deal involved the disposal of 42 parcels of land in Sandakan, Sabah and was completed in May this year.
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