Company to dispose of existing poultry business for RM158.83 million, with proceeds to be distributed to shareholders as special dividend and capital repayment
Company to dispose of existing poultry business for RM158.83 million, with proceeds to be distributed to shareholders as special dividend and capital repaymentKLANG, Malaysia, Apr 8, 2022 - (ACN Newswire)
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KLANG, Malaysia, Apr 8, 2022 - ( JCN Newswire ) - LTKM Berhad (LTKM), a leading chicken egg producer, today announced a composite proposal, chiefly to divest the Company's existing business and venture into the business of providing of electronic manufacturing services (EMS) while at the same time, rectify its non-compliance with the public spread requirement of its shares under the listing requirements of Bursa Securities Malaysia Berhad.Executive Chairman of LTKM, Datuk Tan Kok said, "At its core, the proposals seek to reward our shareholders from the proceeds of the disposal of the Company's existing poultry business while at the same time, allow them to continue participating in the new EMS business following the proposals.""The proposed disposal comes amid the challenging operating landscape for the poultry industry brought on by overcapacity, low average selling price of eggs, high raw material prices, difficulty in controlling disease