KUALA LUMPUR: Berjaya Corporation Bhd (BCorp) has proposed to reward its shareholders with cash dividend of 4.5 sen per share but this would hinge on the latter taking up the restricted offer for sale (ROS) of Cosway Corp Ltd (CCL) loan stocks.

BCorp said on Thursday, April 29 its ROS involved up to HK$491.565 million irredeemable convertible unsecured loan stocks (ICULS) of CCL at nine sen per ICULS to its shareholders.

The ICULS would comprise of 2.458 billion ICULS at 20 HK cents each. CCL is listed on the Main Board of the Stock Exchange of  Hong Kong.

BCorp shareholders will be offered one unit of CCL ICULS of 20 cents each at nine sen per unit for every two BCorp shares they hold on entitlement date.

BCorp also proposed a special interim tier-one cash dividend of 4.5 sen per BCorp share conditional upon the ROS being implemented. The special dividend could amount to RM221.2 million based on all outstanding BJ-Corp ICULS being converted.

It said BCorp shareholders could opt to apply the special dividend to take up their entitlement of the ROS without having to come up with any additional cash.

BJ-Corp and its subsidiaries hold about HK$1.74 billion CCL ICULS (8.702 billion units of 20 HK cents each) that were issued as consideration when Cosway (M) Sdn Bhd group was injected into Berjaya Holdings (HK) Ltd (now renamed CCL) in December 2009. Each CCL ICULS can be freely converted into one new CCL share without any further cash injection.