KUALA LUMPUR (May 3): Shares of Ajinomoto (Malaysia) Bhd surged to their highest in nearly six years after the food and seasoning company announced the ex-date for its special dividend.
Ajinomoto rose to RM20.30 at the closing bell, its highest since June 2018, valuing the company at RM1.23 billion. The stock had climbed as much as 7.4% or RM1.46 to RM21.20 during the day before paring its gains to 2.8% or 56 sen.
With a trading volume of 1.01 million shares, Friday was also the counter’s most active day since April 2010.
No institutional analyst covers the stock.
Ajinomoto told Bursa Malaysia on Thursday that the RM2.12 per share special dividend will go ex on May 15, while the payment date is May 30.
In July 2023, the company declared its intention to pay out a special dividend, following the disposal of land in Kuchai Lama to Tan Sri David Law Tien Seng for RM408 million cash.
Shares of Ajinomoto have gained 28% so far this year amid strong earnings.
The company’s net profit jumped more than eight times to RM37.21 million in the nine-month period ended Dec 31, 2023 from RM4.39 million on improved operating margins, from 1.98% to 10.54%.
Nine-month revenue increased by 8.49% to RM483.68 million from RM445.83 million previously.