TTJ Holdings

[CityFarmer]

The 8 cts dividend from his enlarged shareholdings will be able to fund the takeover of TTJ at around 40cts.

That is probably why 8cts dividend was not declared as normal + special dividend as there will not be any more dividend next year.

Can also be interpreted as using the 8 cents ($23.6 mil) to pay for the 60 mil shares that he just bought for $20.7 mil, assuming the 120 mil shares transfer to CIMB are being used as the corresponding collateral.

IMO, your scenario, is more a likely one. The CIMB may has provided the financial support for the buying, and will be repaid months later with the dividend.