KUALA LUMPUR (March 21): Star Media Group Bhd has proposed to pay a first and final dividend of one sen per share in respect of the financial year ended Dec 31, 2022 (FY2022), subject to shareholders' approval in the upcoming annual general meeting.
The details of entitlement and payment dates will be fixed and announced in due course, the media group said in a bourse filing on Tuesday (March 21).
The group did not pay any dividends for FY2021 and FY2020, when it was loss-making. Its last dividend payout was two sen for FY2019.
Star Media returned to the black in FY2022, with a net profit of RM6.92 million — from a net loss of RM132.36 million for FY2021 — as revenue increased 15.95% to RM216.96 million from RM187.11 million. The loss it incurred in FY2021 was mainly due to the impairment of property, plant and equipment of RM71.6 million, and a RM50.5 million reversal of compensation income.
Meanwhile, MCA has been steadily increasing its shareholding in Star Media since August 2022, having raised its stake by 9.29 million shares or 1.27% to 327.46 million shares representing 45.18%. Prior to August 2022, MCA held 318.167 million shares or a 43.89% stake.
MCA's latest acquisition involved 892,500 shares, bought last week via its investment arm Huaren Holdings Sdn Bhd. Of MCA's latest shareholding of 45.18%, 1.952% is indirectly held, Star Media's bourse filing on Monday showed.
At the same time, Amanah Saham Bumiputera has been trimming its stake in the media group since the start of this year. It sold 12 million Star Media shares representing about 1.656% of the company in that period, which lowered its shareholding from 7.589% representing 55 million shares to 43 million shares or 5.933%. It last sold 500,000 shares — 250,000 each, last Wednesday and Thursday.