Sinwa to distribute special dividend totalling S$64.8m after assets selloff

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

The company reaped a profit of S$15.2 million from the sale, and its cash at bank and on hand stands at an estimated S$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 S$10.2 million and revenue of S$80,000.

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

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