CamGSM Plc. (Cellcard) has announced that the company held an Extraordinary General Meeting (EGM) of shareholders on October 19, 2023, during which the distribution of a Guaranteed Minimum Dividend to its shareholders was approved.
According to a press release issued on October 20, 2023, CamGSM Plc. held the EGM virtually through an ‘E-Voting System’ web application developed by the company to facilitate the voting process.
The EGM addressed two crucial matters that required shareholder resolutions following CamGSM’s successful Initial Public Offering (IPO) and subsequent listing on the Cambodia Securities Exchange (CSX) on June 27, 2023:
- The amendment of the Memorandum of Articles of Association, which primarily served to document the change in ownership;
- The distribution of a Guaranteed Minimum Dividend until the next shareholders General Meeting.
The release specified that the resolution to amend the Memorandum of Articles of Association was a technical and legal requirement to align the company’s governing documents with its new status as a publicly traded entity.
On the other hand, the decision to distribute quarterly dividends to shareholders marked a significant business decision to reward CamGSM Plc. investors with a 7 per cent annual Minimum Guaranteed Dividend.
Cellcard’s Dividend Shares
The Minimum Guaranteed Dividend calculation is based on the number of shares held by the shareholder on the Record Date, multiplied by the IPO price of 2,270 riel per share. ACLEDA Bank, the securities Registrar, Transfer and Paying (RTP) agent of CamGSM Plc., will officially communicate the Record Date to shareholders.
Under the newly approved resolution, holders of Class A (Voting) Shares will receive a quarterly dividend equivalent to 7 per cent of their total shares. Receiving the dividend is, however, also subject to shareholders maintaining an active Cellcard subscription with valid personal identity documentation recorded in Cellcard’s subscriber registry on the Record Date.
CamGSM Plc. will distribute the 7 per cent Minimum Guaranteed Dividend on a quarterly basis to Class A (Voting) shareholders for a period of five years following the company’s IPO.
Read More On The Cambodia Securities Exchange: