REV Asia surges on special dividend plan

KUALA LUMPUR: Shares of REV Asia surged to a near three-month high of RM1 on Thursday after it announced a special single-tier dividend of 44 sen a share.

At midday, shares of the digital media group was up 26.5 sen to RM1, the highest since May 9, 2017. It was actively traded with 30.16 million shares done.

The FBM KLCI was up 0.11 point or 0.01%to 1,770.70. Turnover was 959.57 million shares valued at RM757.95mil. There were 263 gainers, 332 losers and 446 counters unchanged.

REV Asia's dividend of 44 sen for the financial year ending Dec 31, 2017 will go ex on Aug 14 and payable on Aug 28.

In May, Rev Asia announced plans to distribute the bulk of the cash proceeds from the sale of its 70% stake in Rev Asia Holdings Sdn Bhd to its shareholders as cash dividend three months from the completion of the disposal of the stake to Media Prima Bhd.

Rev Asia said it was selling its 15.828 million shares in Rev Asia Holdings, which is involved in digital media, to Media Prima for RM73.5mil. Of the amount, RM59mil will be distributed to shareholders. 

Youth Asia Sdn Bhd is selling the other 30% stake in Rev Asia Holdings for RM31.50mil to Media Prima. 

“The proposed disposal represents the disposal of the advertising and internet social media business undertaken by Rev Asia Holdings Group to Media Prima,” said Rev Asia.