Business
Dividend Proposal and Nomination of Director
Dividend Proposal and Nomination of Director.
About this update from Steppe Cement Ltd
[{"type":"text","content":"\n \n \n 13 June 2022\n \n \n \n Steppe Cement Ltd\n \n \n \n \n Dividend Proposal and Nomination of Director\n \n \n \n \n \n \n \n \n The Board of Steppe Cement Ltd (Steppe Cement or Company) wish to draw the attention of shareholders to the following matters:\n \n \n \n \n \n \n Dividend proposal\n \n \n \n \n \n \n \n \n The Board wishes to recommend the distribution of a 5p dividend in respect of 2021. However new regulations in Malaysia have created uncertainty about the tax treatment of foreign sourced dividend income for Malaysian corporates - meaning that income to Steppe Cement Sdn Bhd may be subject to a 24% withholding tax. Therefore before declaring the dividend, the Board is waiting for clarification regarding the exemption to this tax. It is the understanding of the Board that confirmation from the Malaysian authorities will be forthcoming shortly. The Kazakh subsidiaries already pay 20% profit tax in Kazakhstan.\n \n \n \n \n \n If the tax issue cannot be resolved without payment of the 24% rate, the Board will evaluate other means of returning capital to shareholders.\n \n \n \n \n \n \n Proposal by Substantial Shareholder on Nomination of Director\n \n \n \n \n \n \n \n \n The Board has received notification from Wan Azmi Wan Hamzah, the Company's largest shareholder (representing more than 30% of the shares of the Company) to propose his son, Wan Affan Wan Azmi, be appointed to the Board to represent his family interest in the Company.\n \n \n \n \n \n The Board has agreed to put the corresponding item in the agenda of the Annual General Meeting (AGM) of shareholders. The profile of Wan Affan Wan Azmi is appended below for shareholders information.\n \n \n \n \n \n Wan Affan Wan Azmi will be deemed to be a Non-Independent Non-Executive Director due to his family relationship and indirect interests in Steppe Cement.\n \n \n \n \n \n In case the resolution is approved at the AGM, the number of Independent Directors in the Company will be 50%, 2 out of 4. The Non-Executive Chairman will retain a casting vote in case of a tie in the board decisions.\n \n \n \n \n \n \n Javier del Ser\n \n \n \n \n On behalf of\n \n \n Board of Directors\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Wan Affan Wan Azmi\n \n \n \n \n \n \n Wan Affan Wan Az...