PPSP calls EGM on share transfer and dividend

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The sale made Royal Group the largest shareholder in the industrial zone


Phnom Penh Special Economic Zone (PPSP) is holding an Extraordinary General Meeting of Shareholders (EGM) to gain investor approval for last month’s share transfer, which made Royal Group the largest shareholder in the area industrial.

The AGE will be held by videoconference from 2 p.m. to 4 p.m. on January 26. Shareholders unable to vote can vote by appointing a proxy. There are two items on the agenda, the sale of 32.41 million shares held by founding shareholder of PPSP and former chairwoman Lim Chhiv Ho to Inter Logistics (Cambodia) Co. Ltd. and a dividend payment proposal for 2020.

The transfer of shares took place on December 30 via the trading method negotiated with SBI Royal Securities as broker. The NTM allows the buyer and seller to negotiate the price and transaction details outside of the market. There have been 24 NTM transactions since the Cambodia Stock Exchange introduced the method in 2018.

Inter Logistics shares are held by Kith Meng, Chairman and CEO of The Royal Group, a Cambodian conglomerate that counts telecommunications operators Cellcard, Wing Bank and SBI Royal Securities among its group of companies.

The sale made Royal Group, via Inter Logistics, PPSP’s largest shareholder with a 45.09% stake.

PPSP contains more than 95 manufacturing and service companies from 12 countries and employs more than 32,000 local and foreign. It was created in 2006 to develop industrial land for sale or lease.

Kith Meng said he plans to introduce new technology systems, management, business strategies and investors to further develop the SEZ.

Lim Chhiv Ho’s eldest son Eric Tan said the family sold 100% of their stake in PPSP to focus on new investment opportunities through LCH Investment Group Co. Ltd.

The AGE will also discuss PPSP’s plan to distribute a cash dividend for 2020 at $ 0.0056 per share from January 27 to February 4. Shareholders who sell PPSP shares today will still be entitled to the dividend, but shareholders who buy shares today will not receive it.

RPSP shares rose more than 75 percent last year.


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