Hiap Hoe has declared that it will be proposing to declare a final dividend of 0.5 cent per share at the company’s next annual general meeting.
The company’s statement comes in response to a shareholder’s query before the AGM.
SEE:Hiap Hoe says 97% of residential units in Marina Tower Melbourne sold with $256 mil sales done
The query asked if Hiap Hoe’s board would be “considering corporate action to unlock value for shareholders who are not even given dividend this year”, considering many SGX-listed property companies are unlocking value for shareholders, and that the company is trading at a huge discount.
In response, Hiap Hoe says “the group will capitalise on any potential opportunities that may arise and will continue to consider all options that will enable the group to deliver long-term sustainable value for shareholders”.
“The businesses of the group, particularly those in the Hospitality sector, were adversely impacted by the global Covid-19 pandemic in 2020. Accordingly, for the first half year ended June 30 2020, in anticipation of possible impact on the Group’s capital and cashflow requirements, no interim dividend was declared,” it adds.
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Shares in Hiap Hoe closed 0.5 cent lower or 0.8% down at 65 cents on April 28.
