Corsair Group – (SBCL) – Extraordinary Share Dividend Payout
CORSAIR GROUP INTERNATIONAL Socium Bangkok Company Limited (SBCL) 14.10.2020
Dear Shareholders of Socium Bangkok Company Limited,
In addition to the first Shareholders Report sent to you, it is my pleasure to inform you that the Board of Directors of SBCL has made a decision to execute an extraordinary dividend payout for all of its Shareholders.
This extraordinary share dividend payout is to be executed in a way, whereas the overall and general financial assessment of the Company is to be separated from the operating profit generated from the earnings made by the sales of the produced oil.
In an ordinary situation, any share dividend payments by a Company this young would be considered too early, but the Board of Directors of the Company have initiated this decision in order to best serve its purposes and to reward the early stage Shareholders of the Company.
The Board of Directors have therefore decided to use the operating income of the Company from its first weeks of operations as the common nominator and after the deduction of associated production costs, excluding the deduction of the labor costs, which during Q3 are not yet properly represented, to release for dividend payment an amount equal to 49% of its sales revenue.
The Board of Directors has decided to initiate a payment of dividend for all shareholders of the Company at a fixed earning ratio of 0.01 EUR per share. The majority Shareholder of the Company, Corsair Development Co., Ltd. will not be withdrawing any dividend payment.
This extraordinary dividend payout is to be considered as a landmark, where a young enterprise, Socium Bangkok Company Limited, delivers a dividend payment from its first operational weeks for its first Shareholders, and by doing so establishes a benchmark for all the future earnings to come.
With kindest regards,
Jussi Veikko Saloranta, Chief Executive Officer, Socium Bangkok Company Limited
Chairman of the Board, Corsair Group International
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