Press Release Summary: Mitsui O.S.K. Lines, Ltd. (the Company; President: Akimitsu Ashida) today announced a resolution on dividend payments from retained earnings, with a base date of March 31, 2008, at the Board of Directors meeting held on April 25, 2008.
Press Release Body: LONDON, 25 April 2008 - Mitsui O.S.K. Lines, Ltd. (the Company; President: Akimitsu Ashida) today announced a resolution on dividend payments from retained earnings, with a base date of March 31, 2008, at the Board of Directors meeting held on April 25, 2008.
1.Details of dividend Resolved amount Latest forecast (Announced on Jan. 31, 2008) Year-end dividend paid For FY2006 (Ended Mar.2007) Base date March 31, 2008 Same as left March 31, 2007 Dividend per share \\17.00 \\16.00 \\11.00 Total amount of dividends \\20,353 million ― \\13,156 million Date to start effective June 25, 2008 ― June 22, 2007 Dividend source Retained earnings ― Retained earnings
2.Reasons The Company regards increasing corporate value with proactive capital investment and direct return of profits to shareholders through dividends as two key management policies. Based on the midterm management plan MOL ADVANCE announced on March 22, 2007, the company continues to invest proactively, mainly on vessels. MOL plans to utilize internal capital reserves to cover investment funds and to increase corporate value per share while reinforcing corporate strength. In line with those policies, the Company will maintain a dividend payout ratio of around 20% for the time being. It will also work on increasing the payout ratio as a mid- and long-term management task.
Reflecting this dividend policy, the Company resolved to increase the year-end dividend by \\1 from \\16 per share in the latest forecast to \\17, and the annual dividend to \\31 per share (including an interim dividend \\14 already paid) for FY 2007. Meanwhile, this matter is planned to be submitted to the Annual General Meeting of Shareholders slated for June 24, 2008, for discussion.
(Reference) Details of annual dividend Dividend per share (\\) Base date Interim Year end Annual FY2007 dividend paid / to be paid 14.00 17.00 31.00 FY2006 dividend paid 9.00 11.00 20.00
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