• 24 November 2021
    Dividend Policy
    Ref No: CS-GC/2021/PR-10

    This is to inform the shareholders that the Board of Directors of Dhivehi Raajjeyge Gulhun Plc (the ‘Company’) has resolved on 23 November 2021 to approve a new Dividend Policy as follows:

    a) The Dividend Policy is subject to the Company’s Articles of Association (AoA) and the Companies Act of the Maldives regarding distributions.

    b) The payment of any future dividends shall depend on business prospects, future earnings, cash requirements and expansion plans of the Company. If the Board considers the financial position of the Company justifies such payments, it may recommend a dividend.

    c) The target distribution will be based on Profit After Tax (PAT), and reserves which may be determined based on the availability of adequate cash including foreign currency, after retaining sufficient funds to ensure the smooth operation of the Company, including but not limited to maintaining compliance with loan covenants or such other conditions.

    d) The Company shall target to make a minimum dividend payout for the relevant year of 50% of PAT, payable in cash and/or bonus shares. Cash payments to majority foreign shareholders shall be in USD.

    e) Dividends for the relevant financial year should be considered as follows:
         i. an interim dividend may be declared following approval of the Q2 results, as appears to the Board to be justified for distribution.
         ii. a final and full year dividend amount based on the audited and approved financial statements of the Company. The Board will, in turn, propose the final dividend distribution for approval by Shareholders at the AGM.

    f) For any interim or final dividend, the management (CFO and CEO & MD) will make a recommendation to the Board based on several scenarios. The Board may select one of the proposed scenarios or propose a new dividend amount. The Board at their discretion, may decide not to declare a dividend or propose declaration of an amount lower than 50% of PAT subject to sections 2 and 3 (above) or any other relevant conditions which may impact the operations of the Company.

    g) The Company may declare special dividends in accordance with this Dividend Policy, with approval of the Board.

    h) This Policy shall be effective immediately upon approval by the Board.

    Issued by: Investor Relations Department
    Phone: 3311435/3311121
    Email: [email protected]

Download Dhiraagu App
Copyright © 2024 DHIRAAGU (Dhivehi Raajjeyge Gulhun Plc)
Generic Popup