The Company presently adopts a dividend pay-out ratio of at least 50 percent of the Company's profits after taxation attributable to shareholders excluding non-recurring income. The dividend policy also takes into consideration the level of cash, gearing, return on equity and retained earnings, expected financial performance, projected levels of capital expenditure and other investment plans and working capital requirements, general financial condition, contractual obligations and other factors considered relevant by the Board.
As the Company is an investment holding Company, its income and its ability to pay dividend is dependent upon the dividends received from its subsidiaries, which in turn would depend on the subsidiaries' distributable profits, operating results, financial condition, capital expenditure plans and other factors deemed relevant. Whilst the dividend policy reflects the Board's current views on the Group's financial and cash flow position, the dividend policy will be reviewed from time to time. It is the policy of the Board, in recommending dividends, to allow shareholders to participate in the Company's profit, as well as to retain adequate reserves for future growth.
In this regard, and consistent with the Company's dividend policy, for the FY2015, the Company has paid a single tier interim dividend of 12 sen per ordinary share on 29 December 2015 and the Board is seeking its shareholders' approval at the forthcoming AGM for payment of a final single tier dividend of 14 sen per ordinary share.