Kith Meng has been announced as non-executive Chairman of the industrial park operator Phnom Penh Special Economic Zone (CSX:PPSP) after the company’s Extraordinary General Meeting.
According to a disclosure filed to the Cambodia Securities Exchange (CSX), Tan Kak Khun was replaced by Kith Meng, as the new Non-Executive Chairman.
In addition, Kenji Toyota was replaced by Mark Hanna (Royal Group Chief Financial Officer), as the new Non-Executive Director.
According to the company both ex-board members resigned “due to personal reasons”. Shareholders approved the change 83.44% for and 3.37% against – the remaining shares were either not present or abstained.
2020 dividend approved
In addition, all eligible 86.82% of shares approved a 2020 dividend payout of $400,000 or KHR 22.67 ($0.0056) a share.
The annual dividend payout is equivalent to 1.09% of the stock’s current share price of KHR 2,070 or 0.79% of its IPO price of KHR 2,860 a share in 2016 and represents 37.5% of profits.
Shareholders previously voted to approve a share buy scheme in October 2000. However, this is yet to be completed due to unknown reasons it has not been made public the current status.
Royal Group becomes the major shareholder
Earlier this month, Inter Logistics (Cambodia), a subsidiary of Royal Group bought Oknha Lim Chhiv Ho’s majority stake in the company – purchasing 45.09% of shares worth an estimated $16 million.
In a statement released to the market at the time Kith Meng Chairman of the Royal Group of Companies and Inter Logistics (Cambodia) said the investment would bring more new technology systems, management, and business strategies, and investors.
Other major shareholders include JWD Infologistics PCL (14.61 percent), Zephyr Co Ltd (14.17 percent), and Ng Lian Soon (9.04%).
According to the company’s latest filings, PPSP had increased revenue to $5.88 million for the third quarter reporting a $19,238 net profit loss.
Cambodia Investment Review had previously reported on the company’s reported loss of $1.84 million from January to June this year. The loss was attributed to the company not having any land sales for the current quarter.
It was also reported that the company has taken out $18.7 million worth of loans secured by its investment properties valued at $7.91 million that has been pledged as security to secure the term loans granted.
Shares in the company closed KHR 20 up today trading at KHR 2,100 a share.