Fri, Jun 05, 2020 - 8:50 AM PROPERTY giant CapitaLand has proposed a scrip dividend scheme which will allow shareholders to receive their cash d
Fri, Jun 05, 2020 – 8:50 AM
PROPERTY giant CapitaLand has proposed a scrip dividend scheme which will allow shareholders to receive their cash dividends in the form of new shares.
The scheme will allow shareholders to participate in the company’s shares without incurring brokerage fees, stamp duty and other related costs, CapitaLand said in a regulatory update on Friday.
The cash used to pay out the dividends will be retained to fund the growth and expansion of the company and its subsidiaries while strengthening its working capital position. The new share issue will also enlarge the company’s share capital base.
To facilitate the proposed scrip dividend scheme’s implementation, CapitaLand is proposing its existing constitution be amended to include a new article.
The new article – 133A – will be set out in a letter to shareholders to be issued on June 5, together with the company’s notice of its annual general meeting. This is to seek shareholder approval for the proposed constitution amendment.
In a separate announcement on Friday, CapitaLand said it has opened the…