KUALA LUMPUR, 27 SEPTEMBER 2024: icapital.biz Bhd (ICAP, 5108), Malaysia’s only listed closed end fund, is declaring its maiden interim dividend of 10.41 sen per ICAP share for its financial year ending May 31, 2025.

The company’s dividend reinvestment plan (DRP), shall also apply to the entire portion of this interim dividend.

This means that shareholders will be given an option to reinvest their interim dividend into new ICAP shares.

The Board of ICAP has also fixed the issue price of the new shares to be issued following the DRP at RM2.92 per share.

This issue price approximates the 5 day volume weighted average market price of the shares immediately prior to the price fixing date of RM3.02, and is ex interim dividend.

The entitlement date for the interim dividend will be announced after approval has been obtained from Bursa Malaysia for the listing and quotation of the new shares.

Tan Teng Boo, the designated person of ICAP said: “We designed this highly innovative dividend policy to address the needs of various shareowners those seeking long term capital appreciation, those needing some regular distribution and those who may have to cash in their holdings.”

“Meanwhile, the DRP shows that we are confident in the growth prospects of ICAP. If shareholders believe in the long term capital appreciation of ICAP, the DRP provides a good avenue for shareholders to maintain their participation in ICAP.”

For some background, ICAP’s innovative dividend policy was first announced on September 29, 2023.

It is formulated as follows: a Base Rate of 1% of ICAP's NAV per share, plus 8% of the difference between ICAP’s share price and NAV. This additional 8% is referred to as the Top up Rate. In summary, this innovative dividend policy consists of the aggregate of the 1% Base Rate and the 8% Top up Rate.

Under the written procedures established by ICAP pursuant to the Securities Industry (Central Depositories) (Foreign Ownership) Regulations 1996, foreigners who hold shares within the 20% limit of the total number of issued shares, shall also be entitled to the interim dividend, and hence the option to reinvest their shares into the DRP. This is provided that such participation will not result in a breach of the Prescribed Limit.

Separately, ICAP will be organising its 2024 Investor Day on Oct 26 and 27, Sat and Sun at the Kuala Lumpur Convention Centre.

Please visit https://events.icapital.biz/landing--page/investor--day--2024/ for registration and the full programme of this event.

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About icapital.biz Berhad (ICAP)

icapital.biz Berhad is a closed-end fund listed on Bursa Malaysia.

The fund manager of ICAP is Capital Dynamics Asset Management Sdn Bhd.

The primary investment objective of this Fund is long-term capital appreciation of its investments, while dividend or interest income from these investments is of secondary consideration.

The Fund invests in undervalued companies which are listed on the Main Market and the ACE Market of Bursa Securities. It can also invest in cash deposits and up to 10% of its asset value in unlisted companies.

The asset allocation of the Fund is a function of its value investing philosophy and, can range from 0% equities to 100% equities.

With a RM140 million paid-up capital, the Fund has a fixed number of outstanding shares. It has not undertaken any private placement or new issuance of shares since its listing on Oct 19, 2005.

Visit www.icapital.my for more information on icapital.biz Berhad.

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Issued by: Sense Consultancy on behalf of icapital.biz Berhad
Date: 27th September 2024

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