Teckwah Industrial urged to raise dividend amid earnings downtrend
Activist fund Quarz Capital wants an increase in annual dividends to S$7.4 million or 80 per cent of net income
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Singapore
PACKAGING, printing and logistics firm Teckwah Industrial should return more cash to shareholders as dividends, to address its lack of cash discipline and operational efficiency, activist fund Quarz Capital Management believes.
In an open letter addressed to the board and management of Teckwah on Tuesday, Quarz noted that the group's net profit has been on the decline, reaching a 10-year low of S$7.1 million in 2018 and S$8.9 million in 2019.
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