Kuala Lumpur – Maybank today announced that its Board of Directors has approved the reclassification of its final cash dividend of 39 sen per share in respect of its financial year ended 31 December 2019, to a second interim cash dividend of 39 sen per share. The final cash dividend was proposed in the Group’s 4th quarter 2019 results, for the approval of shareholders at forthcoming annual general meeting (AGM) of Maybank.
Maybank Group President & CEO, Datuk Abdul Farid Alias said that this re-classification has been made as Maybank’s AGM date is currently being deliberated and remains uncertain, in light of the COVID-19 pandemic and the subsequent directive by the Malaysian government to refrain from holding a gathering of larger numbers.
“We believe that this uncertainty over the AGM date, which also creates uncertainty over the payment date of our proposed final dividend, is unfavourable to our shareholders, as the AGM date could be deferred as long as the heightened risk of the pandemic persists,” he explained. “As such it would be in the interest of our shareholders for us to remove this uncertainty.”
“This re-classification will enable our shareholders to receive their dividend payout in a timely manner," added Datuk Farid. “Furthermore, it will not be prejudicial to their interests as the quantum of dividend remains unchanged at 39 sen per ordinary share.”
The re-classification from final dividend to second-interim dividend has been approved by the relevant authorities, and the dividend is expected to be paid on 6 May 2020. Together with the 25 sen interim dividend declared earlier, the full year dividend payout stands at 64 sen per share, totalling RM7.19 billion or some 87.8% of net profit for FY2019.
“We would like to thank our shareholders for their continuous support and understanding, and assure them that this re-classification was made to safeguard their interest and enable them to benefit from Maybank’s financial performance in the last financial year, without any delay,” added Datuk Farid.