PACKAGING printing and logistics firm Teckwah Industrial has stressed the need for a sound cash management policy, in response to calls from activist fund Quarz Capital Management to raise dividend payouts amid a downtrend in its earnings.
In a July 28 open letter to Teckwah, Quarz had urged the mainboard-listed firm to increase annual dividends to 80 per cent of net income, to address issues of cash discipline and operational efficiency. The firm paid out S$3.5 million or 32 per cent of net profit as dividends in 2019.Responding to the letter, Teckwah said in its Tuesday filing that it seeks to pursue long-term, sustainable growth which is especially important in the current economic environment.
“Integral to our business success has been a sound cash management policy which has enabled us to weather financial crises over the years, the Covid-19 pandemic being the latest and most severe to date. Our sound balance sheet and net cash position have placed us in a stable position,” the company said.
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