The Board of Sathosa Motors has turned down several demands made by shareholders to increase their dividend yesterday.
The company held its annual general meeting at the Institute of Chartered Accountants auditorium.
It was decided to pay a dividend of Rs 7 per share.Several shareholders at this AGM however requested that this amount be increased to an amount between Rs 10 to Rs. 22.50 per share.
This request was made since Sathosa Motors is one of the few companies that paid the lowest dividend per share. It was also pointed out that other companies such as United Motors allocated 49 percent, DIMO allocated 30 percent of the profit as dividend for their shareholders.
Sathosa Motors Chairman Sumal Perera pointed out that this dividend amount cannot be increased immediately as the company earnings too had to be increased. "My target is to give a 50% dividend out of the nett profit to the shareholders when the company gets into a comfortable financial standing."
The company recorded a nett profit of Rs 270 million for the last financial year. Several share holders also queried from Perera if construction work of Sathosa Motors is being awarded to Access International owned by Sumal Perera without proper procedure. Perera answered in the negative. (HDH)
www.dailynews.lk
The company held its annual general meeting at the Institute of Chartered Accountants auditorium.
It was decided to pay a dividend of Rs 7 per share.Several shareholders at this AGM however requested that this amount be increased to an amount between Rs 10 to Rs. 22.50 per share.
This request was made since Sathosa Motors is one of the few companies that paid the lowest dividend per share. It was also pointed out that other companies such as United Motors allocated 49 percent, DIMO allocated 30 percent of the profit as dividend for their shareholders.
Sathosa Motors Chairman Sumal Perera pointed out that this dividend amount cannot be increased immediately as the company earnings too had to be increased. "My target is to give a 50% dividend out of the nett profit to the shareholders when the company gets into a comfortable financial standing."
The company recorded a nett profit of Rs 270 million for the last financial year. Several share holders also queried from Perera if construction work of Sathosa Motors is being awarded to Access International owned by Sumal Perera without proper procedure. Perera answered in the negative. (HDH)
www.dailynews.lk
No comments:
Post a Comment