KUALA LUMPUR: In view of the Covid-19 pandemic and the movement control order (MCO) imposed by the government, Nestlé Malaysia Bhd’s board of directors has reclassified the company’s proposed final dividend for the financial year ended Dec 31, 2019 (FY2019) as the third interim dividend for the same financial year.
In a filing with Bursa Malaysia today, Nestlé said the quantum would remain the same as the proposed FY2019 final dividend of 140 sen per share, and will be paid on May 21, 2020.
“The board is of the opinion that it would be more expedient for the company’s shareholders to receive the proposed dividend on a confirmed date, rather than it being subject to approval at the company’s 36th Annual General Meeting (AGM).
“Although the date for the AGM is fixed to be held on April 30, it could be deferred if the MCO is extended,” it said.
Nestlé said the company is of the view that the reclassification of dividend would not be prejudicial to the interest of the company’s shareholders.
“The payment of the said third interim dividend would not require shareholders’ approval and this removes any uncertainty of the payment date.
“As such, there would not be any final dividend for FY2019,” it added.
On Feb 25, 2020, Nestlé announced its financial results for the fourth quarter and FY2019, as well as its board’s recommendation of a proposed final dividend of 140 sen per share tax-exempt under single tier system for FY2019, subject to shareholders’ approval at the 36th AGM. – Bernama
