Kota Kinabalu: SMJ Sdn Bhd (SMJSB) declared its maiden dividend of RM50 million to the State Government for the financial year ending Dec 31, 2023.
SMJSB Chief Executive Officer Dr Dionysia Kibat said the dividend was derived from the surplus funds resulting from strong cash flows of the company’s two recently acquired assets - Samarang Production Sharing Contract and Sabah Ammonia Urea Plant .“Since the acquisition of 50 per cent participating interest in the Samarang PSC in May this year, SMJSB has sold two cargoes of crude oil, totalling about 600,000 barrels, to Shell International Eastern Trading Company.
“Based on publicly available records, Samur has an annual historical cash payout of approximately RM650 million per year. SMJSB expects a similar amount this year and will receive 25 per cent of the cash payout from its equity stake in Samur,” she said.
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