Sinwa to pay out special dividend totalling $64.8m after assets selloff

SINGAPORE - Sinwa will distribute a special dividend to shareholders totalling $64.8 million. The marine supply and logistics company made the announcement on Tuesday (Feb 26) after closing a $74.9 million deal to sell six of its subsidiaries to Asia Ship Chandlery Holdings on Feb 1.

The company reaped a profit of $15.2 million from the sale, and its cash at bank and on hand stands at an estimated $93 million. The amount will be used to fund the dividend distribution.

With a majority of the company's assets being cash, it is now a cash company by Singapore Exchange rules. The company previously had operations in Singapore, China, Thailand and Australia.

In its 2018 full-year results released on Tuesday, the company posted net profit of $10.2 million and revenue of $80,000.

Including its discontinued operations, earnings per share came in at 2.98 Singapore cents.

Sinwa's shares closed flat on Monday at $0.295.