Sembcorp Industries shareholders set to meet on 21 May 2020
The energy unit of Sembcorp Group has set a new date for its FY2019 Annual General Meeting.
Sembcorp Industries, the energy unit of Sembcorp, has announced that its annual general meeting (AGM) for the 2019 financial year will now take place on 21 May 2020.
The group’s shares traded flat following the announcement. As at 15:15 SGT on Wednesday 29 April 2020, Sembcorp Industries stocks are trading at S$1.57 per share, based on IG data.
New AGM to be conducted via webcast
The AGM, which was originally scheduled for 22 April 2020, was deferred until further notice in a letter dated 03 April 2020.
The upcoming meeting will be conducted via a webcast at 10:00 SGT, as per the Singapore government’s Covid-19 (Temporary Measures) Act 2020 passed on 07 April.
The temporary regulation enables the Minister for Law by order to prescribe alternative arrangements – including electronic communication – for listed companies in Singapore to conduct general meetings, either wholly or partly.
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Shareholder instructions ahead of the AGM
The Notice of AGM and proxy form will be sent to shareholders solely by electronic means via publication on Sembcorp’s corporate website and will also be made available on the Singapore bourse SGX’s website. There will not be printed copies of these documents sent to shareholders.
Due to the current Covid-19 restriction orders in Singapore, shareholders will not be able to attend the AGM in person.
Shareholders may participate at the AGM by: (a) observing and / or listening to the AGM proceedings via live audio-visual webcast or live audio-only stream; (b) submitting questions in advance of the AGM; and (c) appointing the Chairman of the Meeting as proxy to attend, speak and vote on their behalf at the AGM.
Sembcorp Industries Chairman Ang Kong Hua, and Group President & CEO Neil McGregor, will conduct the proceedings of the AGM and address substantial and relevant questions which shareholders would have to submit in advance by 10:00 (SGT) on 18 May 2020.
Shareholders will not be able to ask questions at the AGM live during the webcast or audio-stream.
Shareholders must pre-register for the AGM to enable Sembcorp to verify their status as shareholders. The link to pre-register will be available from 15:00 (SGT) on 30 April 2020 till 10:00 (SGT) on 18 May 2020.
AGM to pass FY2019’s final dividend sum of S$0.05 per share
Some of the routine business resolutions to be passed during this AGM include the declaration of a tax-exempt one-tier final dividend of S$0.03 per ordinary share in respect to the financial year ended 31 December 2019, as well as the approval of Directors’ fees of S$2.5 million for FY2019.
If approved by members, the final dividend sum of S$0.05 per share – which is 25% higher than FY2018’s dividend payout of S$0.04 per share, will be paid on 03 June 2020.
The Register of Members and Share Transfer Books of the Company will be closed on 28 May 2020 to determine members’ entitlements to the proposed dividend.
Special business resolutions to be voted on include: a new performance share plan to be known as the ‘Sembcorp Industries Performance Share Plan 2020’ (SCI PSP 2020); and a new restricted share plan to be known as the ‘Sembcorp Industries Restricted Share Plan 2020’’.
Details of both plans are set out in the company’s letter to shareholders dated 29 April 2020.
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Sembcorp severs ties with Hin Leong Trading
Last Wednesday 22 April 2020, Sembcorp Industries revealed that one of its subsidiaries Sembcorp Cogen has severed its ties with debt-ridden oil trading company Hin Leong Trading (HLT).
‘Given the recent news reports relating to HLT and the Moratorium, Sembcorp Cogen has taken steps to protect its interests over the gasoil reserves and had terminated the gasoil supply and storage agreement,’ it had said in a press release.
The carrying book value of the gasoil reserves stored with Hin Leong Trading as at 31 December 2019 was S$94 million.
Following the announcement, Sembcorp Industries’ share price increased 2.7% to S$1.53 per share.
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