CPN to begin rebuying stocks, plans May dividend
Central Pattana (CPN) directors have given the go-ahead for the repurchase of 77 million stocks – 1.7 per cent of total sold – the company informed Stock Exchange of Thailand (SET) this week.
The repurchase, limited to Bt5 billion, will take place between March 6 and September 5.
The CPN stock price has decreased continually since 2018 following its peak at Bt87.25.
The lowest price was Bt56 late last month, which was also the lowest in almost three years.
Directors also agreed to prorate the dividend from operational results of 2019 at a rate of Bt1.30 per stock, to be paid on May 15.
That represents an 18-per-cent increase from the last time, when the dividend was Bt1.10.
The dividend was Bt0.83 in 2016, Bt1.40 in 2017 and Bt1.10 in 2018.
Total revenue last year was Bt38.4 billion, up 9 per cent from 2018.
The revenue included Bt31.8 billion from CPN’s department stores, offices and rentals, Bt1.12 billion from hotels, Bt851 million from food courts and Bt2.9 million from property sales.
Net profit was Bt11.7 billion, up 5 per cent from 2018.