Scientex climbs to record high ahead of AGM

KUALA LUMPUR: Shares of Scientex Bhd rose a record of RM8.75 on Thursday ahead of its annual general meeting where shareholders are expected to approve the proposed final dividend of 13 sen a share.

At 10am, the industrial stretch film and property-based company saw its share price adding 15 sen to RM8.75. There were 41,300 shares done.

The FBM KLCI rose 13.07 points or 0.8% to 1,647.20. Turnover was 507.93 million shares valued at RM290.93mil. There were 353 gainers, 161 losers and 214 counters unchanged.

At the AGM, shareholders are expected to vote in favour of the company’s single tier final dividend of 26% (13 sen per ordinary share) for the financial year ended July 31, 2015.

The company is also seeking the shareholders’ approval for its share buyback which will not exceed 10% of its paid-up.

According to the notice for the AGM, the maximum fund to be allocated by the company for the proposed share buy-back shall not exceed the total retained profits and/or share premium account of the Company based on its latest audited financial statements. 

As at July 31, 2015, the audited retained profit and share premium account of Scientex were RM107.63mil and RM64.35mil respectively.