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OCBC Bank has fixed the price of each new share issued under its scrip dividend scheme at $7.02.
The bank said that the issue price is based on a 10 per cent discount to the average of the volume weighted average prices of OCBC shares for each of the market days in the price determination period of Aug 31 to Sept 2, 2009.
The scheme provides OCBC Bank shareholders with the option of electing to receive new shares in lieu of the cash amount of their entitlements of the bank's FY2009 interim dividend.
In addition to OCBC's shareholders with registered addresses in Singapore, the bank is offering the scrip dividend option to shareholders with registered addresses in Malaysia without requiring them to provide Singapore addresses.
This is the first time that a Singapore-listed company is making available the scrip dividend option to shareholders with registered addresses in Malaysia without requiring them to provide Singapore addresses.
'This is made possible by our regular review of the process in our effort to make the scheme available to a broader shareholder base,' OCBC said.
Other foreign shareholders with overseas addresses outside of Singapore and Malaysia who wish to be eligible to participate in the scheme would still be required to provide an address in Singapore by notifying the bank.
Notices will be despatched to all eligible shareholders with registered addresses in Singapore and Malaysia on or about Sept 16, 2009, said OCBC.
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