Got some today for a yield of 10%. Satisfied. King Wan is supposed to pay the regular 1.5¢ dividend in May 2013 plus a special dividend of 1.5¢. Total = 3 c and this is supposed to be the case for the next 5 years at least (or 10 years if you follow OSK DMG report recently).
The special dividends will from the sale of the Thai Associates shares. Wish me luck!
With reference to the announcement made by King Wan Corporation Limited (the “Company”) on 17 January 2013 in relation to its 30% associate, Gold Hyacinth Development Pte Ltd (“GHD”), which entered into a sale and purchase agreement to purchase a Supramax Bulk Carrier - Crown 58 (the "Vessel"), the Board of Directors of the Company wishes to update its shareholders that GHD has formally taken delivery of the Vessel on 8 March 2013.
***** The Vessel has since been named "Hai Jin" and it has been chartered to a third party on a time charter basis. *****
Yeh + erelation: The final dividend for FY13 won't be 1.5 cent but 1.0 cent since King Wan has given an interim of 0.5 cent. Anyhow, 1.0 + 1.5 ct special dividend is equal to 2.5 cents or about 9% yield on current stock price of 28 cents. I look forward to it! The more interesting thing that could happen is the stock price moves up to compress the yield to about 7.5%. That happens when the stock reaches 33-34 cents. Which wouuld give us about 17-28% capital gain liao!