KUALA LUMPUR: MI Technovation Bhd
(MiTB) has proposed a dividend-in-specie as part of the planned listing of its semiconductor material business unit on the Mainboard of the Singapore Exchange Securities Trading Ltd (SGX-ST).
In a filing with Bursa Malaysia, the company said it plans to distribute up to nine million Mi Material Holding Pte Ltd shares to eligible shareholders on the basis of one share for every 100 MiTB shares held, excluding treasury shares.
The entitlement date will be announced later after the company obtains the necessary regulatory approvals for the proposed listing.
“The proposed distribution is intended to provide an opportunity and an assured entitlement for the existing shareholders of MiTB to directly hold equity interest in Mi Material and to participate directly in the future growth of Mi Material Group,” MiTB said.
The shares will be distributed at no cost to eligible shareholders.
The proposal is subject to shareholders’ approval at an extraordinary general meeting (EGM), with further details to be set out in a circular to be issued in due course.
MiTB has also applied to the SGX-ST to list all issued Mi Material shares, including those to be distributed under the proposal.
On June 24, MiTB announced that it had submitted a listing application for Mi Material to the SGX-ST. The company said the proposed listing is expected to unlock and crystallise the value of its investment in the semiconductor materials business through a transparent market-driven valuation.
Upon completion of the proposed listing, MiTB expects to retain a stake of about 72.61% in Mi Material. It said the listing would strengthen Mi Material’s corporate profile, support the expansion of its customer base and enhance its market positioning.
