As our Company is a holding company, our income, and therefore our ability to pay dividends, is dependent upon the dividends we receive from our subsidiaries. The form, frequency and amount of future dividends that are paid by our subsidiaries will depend on its earnings, its financial position, its results of operations, its capital needs, our plans for expansion and any other relevant factors.
The actual dividends that our Board may recommend or declare in respect of any particular financial year or period will be subject to the factors outlined below as well as any other factors deemed relevant by our Board:
As set out on page 51 of the Company’s offer document dated 17 January 2014, the Company has a dividend policy that recommends an annual dividend of up to 75 per cent. of our net profit attributable to shareholders as dividends to our Shareholders.
Investors should note that the Company’s dividend policy should not be treated as a legal obligation on our Company, present or future.
For the fourth quarter ended 31 December 2017, the Board of Directors has recommended a final one-tier tax exempt dividend of $0.01370 per ordinary share. The proposed final dividend, if approved by the shareholders of the Company at the Annual General Meeting to be held on 24 April 2018 will be paid on 9 May 2018.
The Share Transfer Books and Register of Members of the Company will be closed at 5:00 p.m. on 2 May 2018 for the purpose of determining the entitlements of ordinary shareholders to the dividend. Duly completed registrable transfers received by the Company’s Share Register, B.A.C.S. Private Limited, up to 5:00 pm on 2 May 2018 will be registered to determine members’ entitlements to the dividend.
|For the year ended 31 December||Interim dividend
|% of net profit|
The calculation of dividends per ordinary share was based on:
(1) 657,143,000 shares before the Bonus Shares
(2) 1,314,286,000 shares after the Bonus Shares