Teckwah stands by its cash management policy
Singapore
PACKAGING printing and logistics firm Teckwah Industrial has stressed the need for a sound cash management policy, in response to calls from activist fund Quarz Capital Management to raise dividend payouts amid a downtrend in its earnings.
In a July 28 letter to Teckwah, Quarz had urged the mainboard-listed firm to increase annual dividends to 80 per cent of net income, to address issues of cash discipline and operational efficiency. The firm paid out S$3.5 million or 32 per cent of net profit as dividends in 2019.
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