(Reuters) - British IT services provider Computacenter Plc (CCC.L) said it would return about 100 million pounds ($150 million) to shareholders after the sale of its disposal and recycling subsidiary to a unit of U.S.-based Arrow Electronics Inc (ARW.N).
Computacenter said R.D. Trading Ltd’s sale for 56 million pounds in cash to Arrow Electronics UK Holding would allow it to concentrate on IT services.
R.D. Trading accounted for 1.4 percent of Computacenter’s total revenue in 2013.
Computacenter said it would return 71.9 pence per existing share, or about 11.2 percent of its current market value, to shareholders, pending approval at an extraordinary general meeting expected on Feb. 19.
Proceeds from the sale, coupled with money from Computacenter’s business, resulted in a net cash balance in excess of its current needs, the company said in a statement after the close of markets.
The company returned 74.4 million pounds to shareholders in 2006 and 75 million pounds in 2013.
Shares in the company closed down 1.715 percent at 630.5 pence on the London Stock Exchange on Monday.
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Maju Samuel