MailPac Shares Jump 17.7%

Shares of MailPac Group Limited (JSE jnr :$MAILPAC) were up 17.7% in early trading on Friday. MAILPAC traded as high as $2.39 and subsequently halted. The group announced a generous interim dividend of J$ 0.04 per share on Thursday.

MailPac Group had its IPO last year at a subscription price of J$1.00 per share. The company offered 500 million shares in various pools raising a total of J$ 495 million.

MailPac Dividend Generous

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Mailpac posted net profits of J$ 101 million for the quarter ended March 31, 2020. The balance sheet showed cash and cash equivalents of J$ 194 million. The dividend payment announced amounts to  J$ 90 million.  The interim dividend amounts to just under 2% of the close price on Thursday, July 02, 2020 and is 4% of the IPO price.

MailPac shares climbed to as high as J$ 2.54 and ended the day with a close price of J$ 2.37 up 16.75% with 3.47 million units traded.