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Mi Technovation Proposes 'Dividend-in-Specie' Ahead of Semiconductor Unit's Singapore Listing; Shares Up 3%

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Mi Technovation Berhad (KLSE:MI) has proposed to implement a shareholder entitlement involving the distribution of up to 9 million shares in its semiconductor materials subsidiary, Mi Material, ahead of the latter's listing, according to a Monday filing to the Malaysian bourse.

Mi Technovation is poised to list its semiconductor materials business on the Mainboard of the Singapore Exchange Securities Trading (SGX-ST).

Under the dividend-in-specie proposal, eligible shareholders of the company will receive one Mi Material share for every 100 Mi Technovation shares held, excluding treasury shares, at no cost.

The actual number of shares to be distributed will depend on Mi Technovation's issued share capital, excluding treasury shares.

The company's shares were up over 3% in recent trade.

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