Dividend Policy




Aside from what is stated in the Company’s By-Laws and as provided in existing laws, the Company does not have a specific dividend policy. The Company’s By-laws provide that dividends shall be declared and paid out of the unrestricted retained earnings which shall be payable in cash, property or stock to all shareholders on the basis of outstanding stock held by them, as often and at such times as the Board may determine and in accordance with law and applicable rules and regulations. No fractional shares shall be issued from any declaration of stock dividends.


The Board may decide to declare cash dividends in the future after taking into account various factors, including:

  • the level of the Company’s cash, gearing, return on equity and retained earnings;
  • the Company’s results for, and the Company’s financial condition at the end of the year, the year in respect of which the dividend is to be paid and the Company’s expected financial performance;
  • the Company’s projected levels of capital expenditure and other investment plans;
  • restrictions of payment of dividends that may be imposed on the Company by any of its financing arrangements and current and prospective debt service requirements; and,
  • such other factors as the Board deems appropriate.


The Company, however, cannot assure the public that it will pay any dividends in the future.