Dividend policy

Under normal circumstances an amount of at least 5% of profits after corporate taxes must be put in reserve, until the total amount in reserve equals at least 10% of the company’s authorized share capital, the company will then pay dividends up to 50% of profits after corporate taxes. An exception can be made if the Board deems necessary for the company to reserve part of the profit to cover the cash needs in the near future.

A subsidiary will pay dividends only from profits generated by the subsidiary company. Each time the subsidiary company pays a dividend; an amount of at least 5% of profits after corporate taxes must be put in reserve, until the total amount in reserve equals at least 10% of the subsidiary company’s authorized share capital. There is no fixed dividend payment policy for the subsidiary.