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:
- the level of our cash and retained earnings;
- our actual and projected financial performance;
- our projected levels of capital expenditure and other investment plans; and
- restrictions on payment of dividends imposed on us by our financing arrangements (if any).
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 2018, the Board of Directors has recommended a final one-tier tax exempt dividend of $0.01065 per ordinary share. The proposed final dividend, if approved by the shareholders of the Company at the Annual General Meeting to be held on 25 April 2019 will be paid on 16 May 2019.
The Share Transfer Books and Register of Members of the Company will be closed at 5:00 p.m. on 6 May 2019 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 6 May 2019 will be registered to determine members’ entitlements to the dividend.
|For the year ended 31 December||Interim dividend
|% of net profit attributable to shareholders|
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