Serial System announces S$0.01 special dividend after selling laundry business

ELECTRONIC components distributor Serial System has proposed to distribute a special dividend of one Singapore cent per share, following the disposal of its Australian laundry business.

Serial System said on Wednesday evening that it had received about A$40.2 million (S$39.6 million) for the sale of its entire 27.34 per cent stake in SPL Holdings (Australia), a commercial laundry business.

Part of the proceeds from the sale will be paid out in the special dividend. The company had earlier promised a special dividend upon the completion of the sale, without fixing the size of the dividend.

Serial System shares fell 25.56 per cent to S$0.099 on Wednesday before the dividend was announced.

On Tuesday, Serial System said that its unit Serial Microelectronics would have its distribution agreement with major supplier Texas Instruments (TI) terminated on Dec 31.