The Company does not have a fixed dividend policy. The Directors’ policy is to recommend dividends consistent with the Company’s overall governing objective of maximising intrinsic value for our continuing shareholders.
Dividend payments are affected by matters such as the level of our future earnings, results of operations, capital requirements, cash flows, financial conditions, our plans for expansion, general business conditions and other factors, including such legal or contractual restrictions as may apply from time to time or which our Directors may consider appropriate in the interest of our Company.
The Directors will consider all these factors before proposing any dividends. Our Company may, by ordinary resolution of our Shareholders at a general meeting, declare dividends, but the amount of such dividends shall not exceed the amount recommended by the Directors. The Directors may also declare an interim dividend without seeking shareholders’ approval.
Potential investors should note that this statement is a statement of our present intention and shall not constitute a legally binding commitment in respect of our future dividends and dividend payout ratio which may be subject to modification (including reduction or non-declaration thereof) in our Directors’ sole and absolute discretion.
All dividends were distributed as tax-exempt dividends in accordance with Section 13B of the Income Tax Act.