Tuesday, April 23, 2013

MEGB ... Apr13

A potential cash bumper dividend of 36.6 sen could be on the cards for MEGB should it consider divesting some of its fixed assets.

Rumours have been rife that Datuk Seri Edmund was looking to cash out on his 23.8% stake in Masterskill. Given that nothing concrete has developed thus far and with the appointment of Siva Kumar as the new executive director, it is believed that the group would instead look to unlock the value of some of its fixed assets.

The anticipated the 36.6 sen bumper dividend based on the assumption that the fixed assets would be sold at the current book value after settling all its outstanding debts.

Masterskill's Santhara has resigned as chief executive officer and would be succeeded by Siva Kumar Jeyapalan, who is also a major shareholder in the company. It had been reported that Santhara might decide to venture into politics and that he would be designated as a board director.

Market was positive on Siva Kumar's appointment, as he could bring in new financial and cultural perspectives and potentially turn around the company and steer it back into the black based on his past experience. The move could potentially help the group move forward with its ongoing transformation plans.

It made a loss of RM28.3mil in FY12 compared to a profit of RM45.3mil a year ago due to lower student enrolment.

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