The company said the dividend policy, excluding fair value gains, would take effect from financial year ending Dec 31, 2015 (FY15).
“Shareholders should note that this dividend policy, which shall take effect from financial year 2015, indicates the board’s intention of rewarding shareholders and is not legally binding, and therefore, subject to modification (including reduction or non-declaration thereof) at the board’s absolute discretion,” KSL said in a filing with the stock exchange.
KSL chairman Ku Hwa Seng, in a separate statement, said the dividend policy was not only intended to reward existing shareholders, but also to attract and establish a larger institutional investor base in the company for the long term.
Ku added that the quantum and frequency of KSL dividends would be subject to various factors, including the group’s financial performance, cash-flow requirements, capital expenditure and investment plans.
“The dividend policy is aimed at enabling shareholders to reap the returns in tandem with our expanding business.
“Our business is growing positively, buoyed by the stronger demand in our property development segment and the steady income from our investment properties, notably our integrated KSL City Mall and Hotel in the heart of Iskandar Malaysia,” he said.
Did you find this article insightful?