27 Mar 2020 17:10:00
To postpone the Annual General Meeting of Shareholders for Year 2020 and the Approval of Interim Dividend Payment
Dividend payment / Omitted dividend payment Subject : Cash dividend payment Date of Board resolution : 27-Mar-2020 Type of dividend payment : Cash dividend payment Record date for the right to receive : 25-Mar-2020 dividends Ex-dividend date : 24-Mar-2020 Payment for : Common shareholders Cash dividend payment (baht per share) : 0.30 Par value (baht) : 1.00 Payment date : 24-Apr-2020 Paid from : Operating period from 01-Jan-2019 to 31-Dec-2019 Remark : ST/2020/0161 27th March 2020 Subject: Disclosure of the resolutions of the Board of Directors Meeting No. 2/2020 re: To postpone the Annual General Meeting of Shareholders for Year 2020 (the "2020 AGM") by cancellation of the agenda items and the AGM No. 26/2020 as scheduled on 24 April 2020, and the Approval of Interim Dividend Payment To: Directors and Manager of the Stock Exchange of Thailand References: (1) Company's Letter No. ST/2020/0146 dated 11th March 2020 re: The Issuance of Dividends Payment and the Annual General Meeting of Shareholders for Year 2020; (2) Company's Letter No. ST/2020/0151 dated 12th March 2020 re: the Amendment of the name and numbers of the Company's authorized directors and updated venue of the AGM 26/2020 Whereas, Sino-Thai Engineering & Construction Public Company Limited (the "Company") notified the Stock Exchange of Thailand regarding the Annual General Meeting of Shareholders for Year 2020 (the "2020 AGM") which has been scheduled on April 24, 2020, at 14.00 hours, at the Grand Ballroom 4th Floor of Pullman Bangkok Grande Sukhumvit, No. 30 Sukhumvit 21 Road (Soi Asoke), Klongtoey Nua Sub-district, Wattana District, Bangkok Metropolis, and the dividend payment from the 2019 operational results (details of which were appeared in the Reference). The outbreak of the novel coronavirus disease 2019 ("COVID-19") has continuously increased and began to spread more widely in Thailand. At this stage, it is not possible to predict the trend of the epidemic and the severity of the situation during the period of the 2020 AGM. In addition, the Thai Government has requested cooperation to reduce activities including no gatherings with many people, which may cause the spread of the said epidemic. The Company concerns the health and safety of its shareholders, Directors, Executives and the Company's staffs including all related parties. As such, the Board of Directors Meeting No. 2/2020 held on March 27, 2020, considered and has adopted the following resolutions: 1. Approval of the postponement of the Annual General Meeting of Shareholders for Year 2020 indefinitely by cancellation of the said AGM and all the agenda items of the 2020 AGM No. 26/2020 originally scheduled on April 24, 2020, as well as cancellation of the Record date for determining the shareholders who are eligible to attend and vote at the 2020 AGM, which was fixed on March 25, 2020. The Board of Directors will consider matters regarding the new date and agenda matters of the 2020 AGM as soon as possible when the situation is resolved and considered appropriate to convene the 2020 AGM, which the Company will subsequently inform the shareholders. Such postponement of the 2020 AGM will not cause any significant effect on the Company's business operation and will not affect the shareholders' right to receive the dividend. 2. Approval of interim dividend payment from the Company's net profit as of December 31, 2019, at the rate of 0.30 (Thirty Satang) per share to the Company's shareholders holding 1,525,106,540 shares, the total amount of dividends of Baht 457,531,9620.06 Baht, which is 48.31% of the net profit, after deduction of corporate income tax according to the Company's financial statement ended on December 31, 2019 and which were the same rate that the Company notified the shareholders via the Stock Exchange of Thailand recently. The dividends payment is subject to withholding tax of 10%, which is Baht 0.03 per share. In this regard, the interim dividend payment shall be payable to the shareholders who were listed and will be entitled to receive dividends on March 25, 2020 (the "Record Date"), which is the same date that the shareholders had already been informed according to the resolution of the Board of Directors No. 1/2020 held on March 11, 2020, and payment of interim dividends to shareholders by April 24, 2020. The reason why the Board of Directors considered and has approved to declare the interim dividend payment instead of proposing to the annual ordinary shareholders meeting for their approval on the annual dividend payment is to reduce the potential impact on the shareholders from the indefinite postponement of the Annual General Meeting of Shareholders for Year 2020 of the Company due to the said epidemic. Hence, at the 2020 AGM (to be held in the future) in the agenda of dividend payment approval, the Board of Directors will propose the omission of additional dividend payment for the year 2019. The Board of Directors will reconsider and determine the agenda items and date for holding the new Annual General Meeting of Shareholders for Year 2020 when the situation is unraveled and considered appropriate, and the Board of Directors will notify the shareholders accordingly. Please be informed accordingly and please accept our sincere apologies for this inconvenience. Sincerely yours, Sino-Thai Engineering & Construction Public Company Limited (Mr. Pakpoom Srichamni) President ______________________________________________________________________ This announcement was prepared and disseminated by listed company or issuer through the electronic system which is provided for the purpose of dissemination of the information and related documents of listed company or issuer to the Stock Exchange of Thailand only. The Stock Exchange of Thailand has no responsibility for the correctness and completeness of any statements, figures, reports or opinions contained in this announcement, and has no liability for any losses and damages in any cases. In case you have any inquiries or clarification regarding this announcement, please directly contact listed company or issuer who made this announcement.