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Johannesburg ? Highveld Steel and Vanadium (HVL), South Africa's second-largest steel producer, plans to return about R1.8bn to its shareholders through a special dividend pay out.
The company on Wednesday declared a special dividend of 18 rand a share.
Highveld said with trading conditions over the recent past being better than originally anticipated and following the identification of future capital requirements of the corporation and the receipt of the sale proceeds from the Rand Carbide disposal, the company's directors decided on Tuesday
to declare a special dividend based on available cash in excess of operational requirements.
It said the last day to qualify for the dividend is June 6, with its shares going ex-dividend on June 9 and the dividend paid out on June 17.
Based on the 99.2 million shares Highveld has in issue, the special dividend payout will see R1.8bn returned to shareholders.
At 11:27 shares in Highveld were trading 2.35% or R4.14 up at R180.15 on the JSE.
- I-Net Bridge