RECLASSIFICATION OF PROPOSED SPECIAL SINGLE TIER DIVIDEND & FIRST AND FINAL SINGLE TIER DIVIDEND TO SPECIAL INTERIM SINGLE TIER DIVIDEND AND INTERIM SINGLE TIER DIVIDEND RESPECTIVELY FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019
P.I.E Industrial Berhad (“PIE” or “the Company”) had on 3 April 2020 announced the proposed declaration of a Special Single Tier Dividend of 2.6 sen per share and a First and Final Single Tier Dividend of 2.4 sen per share (collectively referred to as the “Proposed Dividends”) for the financial year ended 31 December 2019, subject to shareholders’ approval at the forthcoming 23rd Annual General Meeting (“AGM”) of the Company.
The Malaysian Government had extended the Conditional Movement Control Order (“CMCO”) to 9 June 2020 as well as implemented restriction on a large number gathering due to the Covid-19 pandemic. Thus, the Company has yet to determine the date of the AGM due to the uncertainty of this unprecedented crisis which eventually would create an uncertainty over the payment date of the Proposed Dividends which is unfavourable to shareholders.
Therefore, the Board has resolved to reclassify the Proposed Dividends at the same quantum as below:
1) A Special Interim Single Tier Dividend of 2.6 sen per share; and
2) An Interim Single Tier Dividend of 2.4 sen per share.
That the Company is in the view of the Reclassification of Dividends will not be prejudicial to the interest of the Company’s shareholders as the quantum of dividends remain unchanged and such reclassification would be expedient to shareholders as it provides certainty of the dividend payment date, since the reclassified Special Interim Single Tier Dividend and Interim Single Tier Dividend do not require shareholders’ approval.
That the entitlement date and payment date for both of the reclassified dividends will be fixed on 5 June 2020 and 19 June 2020 respectively.
Please refer to our announcements on entitlement dated 19 May 2020 relating thereto for further details.
This announcement is dated 19 May 2020.