Kulim’s share price has been dropping to its 52 weeks low since the special dividend of RM0.3765 goes ex on 10/03/2015. Despite the following facts,

1. Special dividend of RM0.3765 per ordinary share, from the disposal of 73,482,619 ordinary shares in New Britain Palm Oil Limited (“NBPOL”), for a disposal consideration of approximately GBP525.40 million, ex on 10/03/2015 and to be paid on 23/03/2015.

2. And there will be another special dividend of about the same amount as above to be paid next year. 

3. Kulim expects to realise a gain on disposal of approximately RM1.56 billion. Expect next quarter financial results will be very good! 

4. On 26 February 2015, the company announced that that the Disposal was completed on 
even date, following the receipt of the Disposal Consideration from Sime Darby 
Plantation. CASH GBP525.40 million @ RM 5.5 - 5.6 per Pound or about RM 3 billion! 

6. 51, 160 hectares land banks in Johor which valued mostly dated back in 1997-98. 

Kumpulan Wang Persaraan (KWAP), for reasons unknown to most of us, has been selling down its stake to 93,888,900 shares as at 03/04/2015, from 103,651,900 shares as at 5-05-2014 (Note: The highest level of sharehoding was 107,351,800 on 5-02-2015).

Some recent news on KWAP:

Proposed secrecy oath for KWAP is disturbing, says Rafizi

KWAP Completes RM1.06 Billion Acquisition Of Integra Tower

KWAP allocates 6% of its fund for domestic properties, 8% for international

KWAP eyeing Magna land?

Rafizi demands Najib return RM4b from KWAP

Please Google “KWAP” for more related news, if you’re interested.

I’ve no question on KWAP’s right to sell its shares (and the reason why it sell is quite obvious now), but most minorities shareholders might felt being mictimized by the people who manage and/or has the power to instruct people to manage KWAP in their way. Pity the shareholders! Pity the members of KWAP!

The Point: When will KWAP stop selling and how low the share price will go? Will the price rebound when KWAP stop selling? If so, when?

You buy or sell?

To be continued…