KULIM released a proposed special dividend pursuant to deemd proposals of KULIM'S investment in QSR and KFC. KULIM holds about 56.83% of QSR which in turn holds about 51.07% of KFC.
On same day, QSR proposed capital repayment RM6.8 per QSR share and RM3.79 per QSR Warrant. Likewise KFC proposed capital repayment RM4.0 per KFC share and RM1.0 per KFC Warrant.
Pursuant to completion and receipt of the above capital repayment, KULIM announced intention to distribute about RM1.157 billion to KULIM shareholders, totalling about 1.235 billion shares (as at 31Dec11), by way of an indicative special dividend of approximately RM0.93
MY TAKE: Since the announcement on 18May12, KULIM price have rallied last 2 days to break all time high of RM4.7 (registered on 10Feb12), to close at RM4.71 on 22May12. The question is will KULIM continue to rally. My take is high odds KULIM will continue towards RM5.0, purely based on the deemed support of the special dividend.
UPDATE :
23May12: KULIM delivered 1Q12 result with EPS 5.62sen vs 10.12sen previously. This is less than expected and price may retreat. price today closed at 4.58
24May12: price dipped from 4.58 to 4.48 on opening due to impact of poorer 1Q results, then rebound to 4.62 (at time of writing 11:21am) --> potentially uptrend intact
11July12: price rallied from 4.38 low in mid-June to now 4.32 at morning close today; congratz to holders
note: all data from local exchange website, and for any error here refer to local exchange website for accuracy. all analysis herewith is for personal purposes only
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