KUALA LUMPUR (April 26) : Globetronics Technology Bhd rose as much as 12% to a 20- month high, possibly, due to investors chasing the stock to capitalise on the electronics component manufacturer’s proposed final dividends.
Shares of Globetronics added 14 sen to RM1.34, its highest since August 2010, before trading lower at RM1.32 at 4.52pm with some 6.2 million shares done. The stock was among the top gainers across the exchange.
The company plans to pay a single-tier final dividend of 4% which translates into two sen a share for financial year ended December 31, 2011. The ex and entitlement dates fall on June 27, and 29 respectively.
The company’s directors had acquired the stock in recent days. Filings to the exchange show that Ng Kweng Chong and Ng Kok Khuan had bought a collective 240,000 shares in Globetronics on Monday and Tuesday from the open market. The purchase, accounting for less than 1% of the firm’s issued base, was done via their private entity Glencare Sdn Bhd.
Globetronics said on Tuesday first quarter net profit fell 4% from a year earlier as it registered lower revenue and higher operating cost. It said net profit came to RM6.2 million in the quarter to March 31, 2012 against RM6.43 million previously. Revenue fell 15% to RM56.79 million from RM67.09 million.