Q&M reclassifies final dividend as 'interim' to facilitate payout

Singapore

IN LIGHT of challenges posed by the Covid-19 pandemic, companies are announcing changes to their proposals for dividend payments.

On Tuesday, Q & M Dental Group (Singapore) announced that it is reclassifying its proposed special dividend and final dividend for FY2019 as an interim dividend instead.

The dental services company had proposed a special dividend of two Singapore cents per share and a final dividend of 0.42 Singapore cent per share, subject to shareholder approval at an annual general meeting (AGM) on May 6.

The AGM has since been deferred, however, so Q & M has reclassified both dividends as interim dividends to give shareholders certainty as to as to when they can receive their money.

An interim dividend only requires the board's approval, Q & M said.

Bumitama Agri, on the other hand, is reducing its proposed final dividend of 1.2 Singapore cents per share for FY2019 to 0.5 Singapore cent per share.

In view of the "rapidly evolving Covid-19 pandemic", Bumitama's board has decided it is important to have "strong cash flow reserves". Shareholders will vote on this payout at a webcast AGM on April 24.

Meanwhile, mainboard-listed TIH on Monday withdrew its final dividend of one Singapore cent per share.

The closed-end fund said this was due to its AGM being deferred, and that it would propose an interim dividend for FY2020 as a replacement.

Q&M shares closed at 38.5 Singapore cents on Wednesday, up 0.5 Singapore cent or 1.3 per cent. Bumitama ended down 2.3 per cent at 42.5 Singapore cents. Shares of TIH were unchanged at 21 Singapore cents each.