Shipping and property investor Uni-Asia Group provided guidance on Monday for a dividend payout rate of at least 35 percent and up to 40 percent of its consolidated net profit for the 2019 and 2020 financial years.
The payout rate doesn’t include non-recurring, one-off and exceptional items in earnings, Uni-Asia said in a filing to SGX on Monday.
Uni-Asia said its dividend policy “is intended to give clearer guidance to shareholders of the potential dividend payout,” Uni-Asia said. “The board believes that this is in line with good corporate governance practices and is in the best interest of the company’s shareholders.”
But the company added that the policy was subject to modification, including reducing or not declaring dividends.
A representative of Uni-Asia told Shenton Wire that Uni-Asia didn’t previously have a payout policy.
The dividends will be paid semi-annually, starting from the second quarter of the current financial year, which ends 31 December, the filing said.