At 14.5 sen, K-One’s market cap is approximately RM120.6m (832m shares × RM0.145). The proposed RM75m special dividend alone equals about 62% of the current market cap, which is quite significant.

The more interesting calculation is the theoretical ex-dividend price:

14.5 sen − 9 sen = ~5.5 sen

At 5.5 sen, the residual K-One would have an implied market value of only about RM45.8m.

So the key investment question becomes: Are K-One’s remaining EMS + medical/healthcare + data-centre + solar businesses worth more than RM46m?