Dividend Announcement 2008
NTUC Thrift recorded a net surplus of $13.1 million before contributions and diminution in fair value of assets for the financial year ended 31st March 2008.
After provisions for diminution of assets of $18.4 million, there was a resulting FRS39 loss of $5.2 million.
You will note in the Chairman's Statement in the Annual Report, the Board recommended a dividend of 2.5pct to be paid out of its accumulated surplus.
We have since been advised by the Registrar of Cooperative Societies, and confirmed by our legal counsel that no dividends can be paid for the financial year ended March 2008.
In compliance, we had to withdraw our recommendation.
The Board seeks your understanding and support in the matter.
When our financial position improves and registers a FRS39 surplus, the Board when recommending a dividend will take into account the dividend missed in FY08.
On behalf of the Board, I want to thank members for your understanding and continued support.
Mr Chua Cher Choon
Chairman
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