Dividend Policy of the Company
The Company has the policy to pay dividend at the rate of not less than 40 percent of net profit after tax on the basis of consolidated financial statements and after legal reserves. Payment of dividend is subject to the Company's investment plans, conditions and restrictions provided under its loan agreements or other relevant contracts (if any), financial conditions and operating results including other factors of the Company and its subsidiaries. The Board of Directors of the Company may, from time to time, review and revise the dividend payment policy to be in line with the business growth of the Company and its subsidiaries, the Company's requirements for capital and working capital including other factors as it may consider appropriate. The dividend shall not exceed the retained earnings as appearing on the separate financial statements of the Company and shall be paid in accordance with relevant law. The Company operates the business as a holding company, having investments in subsidiaries as its key assets. Therefore, its capability to pay dividend depends mainly on operating results and dividend payment received from its subsidiaries.
Dividend Policy of the Subsidiaries
Subsidiaries of the Company are: Carabao Tawandang Company Limited ("CBD"), Asia Pacific Glass Company Limited ("APG") and Tawandang DCM Company Limited ("DCM").
The subsidiaries of the Company have a policy to pay dividend to shareholders at the rate of not less than 40.0 percent of net profit after income tax under the separate financial statements of the subsidiaries and the allotment of a legal reserve. The rate of dividend payment is subject to their operating results, financial conditions, liquidity, investment requirements, additional investments, business expansion, conditions and restrictions provided under loan agreements and other factors relating to their management as their Board of Directors and/or shareholders may consider appropriate. However, the dividend payment shall be in accordance with the Company's policy. However, the dividend payment must not be in excess of the retained earnings under the subsidiaries' separate financial statements, and must be in accordance with the relevant law.
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