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Paramount Corp Bhd announced yesterday a special dividend of 40 sen per share, less tax at 25%, for the year ending Dec 31, 2010.

It told Bursa Malaysia that the dividend would go ex on Dec 21 and the entitlement date would be Dec 23. Payment date would be Jan 5.

Paramount completed the sale of its 20% stake in Jerneh Insurance Bhd to ACE INA International Holdings Ltd for RM130.8mil cash early this month.

Last month, the company declared that it made a net profit of RM21.6mil on revenue of RM98.3mil for the third quarter ended Sept 30, compared with a net profit of RM16.3mil and revenue of RM111.6mil in the previous corresponding period.

This brought about a cumulative net profit and revenue of RM63mil and RM329.3mil respectively for the first nine months of this year, compared with a cumulative net profit of RM43.2mil and revenue of RM300.4mil in the corresponding period last year.

Paramount did not declare any dividend before this.

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Star Publications (M) Bhd announced yesterday a special dividend comprising 47.9 sen per RM1 ordinary share, less tax and 4.7 sen per RM1 ordinary share, tax exempt for the year ending Dec 31, 2010.

It told Bursa Malaysia yesterday the entitlement date is Nov 10.

This brings the total gross dividends for the current financial year ending Dec 31 to 63.1 sen per share.

For the financial year ended Dec 31, 2009, total dividend payout amounted to 21 sen per share.

Star made a net profit of RM50.08mil or 6.78 sen per share for its second quarter ended June 30, 52.4% higher than the net profit of RM32.86mil or 4.45 sen per share for the same period a year earlier on growth in advertising expenditure due to the improving economy.

For the first half of the year, its net profit rose 72% to RM87.9mil.

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All companies on Bursa Malaysia are required to provide eDividend option to shareholders by September 1 this year

Share investors have been encouraged to take up a new service under which dividend payments from listed companies will be credited directly into their bank account, instead of through cheques as is the current practice.

All companies on Bursa Malaysia are required to provide this eDividend option to shareholders by September 1 this year as part of the country’s effort to boost payment efficiency.

“There are currently more than four million Central Depository System (CDS) accounts and I hope to see all these account holders come on board to use this new service,” Bursa Malaysia chief executive officer Datuk Yusli Mohamed Yusoff told a media briefing in Kuala Lumpur yesterday.

Shareholders can start providing their bank account details to their stockbrokers from April 19 onwards through the submission of an eDividend form.

They can get the form from their stockbrokers or download it from the stock exchange website.

Individual shareholders must submit the form with a copy of their identification card and a certified copy of their bank statement, or bank account book, together with the original documents for verification.

Share owners are given a one-year grace period to convert to the eDividend service for free. Those who provide the bank details after April 18 next year will be charged a one-off administration fee, which has yet to be determined, Yusli said.

He said the paperless dividend payment system is convenient and faster for shareholders and helps avert potential problem of misplaced, lost or expired cheques.

The eDividend initiative was mooted when Prime Minister Datuk Seri Najib Razak, in his 2010 Budget speech last year, called upon listed firms to offer the service to shareholders.

Out of the 900 or so firms listed on Bursa Malaysia, more than 500 are paying dividends to shareholders. At present, eight, including British American Tobacco, Nestle, Malayan Banking and Bursa Malaysia, are offering eDividend.

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