Fraser & Neave Holdings Bhd Annual Report 2020

142 FRASER & NEAVE HOLDINGS BHD 196101000155 (4205-V) Directors' Report FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2020 The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the financial year ended 30 September 2020. PRINCIPAL ACTIVITIES The Company is principally engaged in investment holding activities whilst the principal activities of the subsidiaries are as stated in Note 8 to the financial statements. There has been no significant change in the nature of these activities during the financial year. HOLDING COMPANIES Fraser and Neave, Limited (“F&NL”), a corporation incorporated in the Republic of Singapore is the immediate holding company whilst TCC Assets Limited, a corporation incorporated in the British Virgin Islands is regarded by the Directors as the Company’s ultimate holding company, during the financial year and until the date of this report. SUBSIDIARIES The details of the Company’s subsidiaries are disclosed in Note 8 to the financial statements. RESULTS Group RM’000 Company RM’000 Profit for the year attributable to: Owners of the Company 410,384 269,700 Non-controlling interests (260) – 410,124 269,700 RESERVES AND PROVISIONS There were no material transfers to or from reserves and provisions during the financial year under review. DIVIDENDS Since the end of the previous financial year, the dividends paid by the Company were as follows: i) In respect of the financial year ended 30 September 2019 as reported in the Directors’ Report of that financial year: • a final ordinary dividend of 33.0 sen per ordinary share totalling RM121,037,000 declared on 19 December 2019 and paid on 13 February 2020. ii) In respect of the financial year ended 30 September 2020: • an interim ordinary dividend of 27.0 sen per ordinary share totalling RM99,030,000 declared on 4 May 2020 and paid on 12 June 2020. The final ordinary dividend recommended by the Directors in respect of the financial year ended 30 September 2020 is 33.0 sen per ordinary share totalling RM121,037,000, is subject to shareholders’ approval at the forthcoming Annual General Meeting of the Company. The financial statements for the current financial year do not reflect this proposed dividend. Such dividend, if approved by the shareholders, will be accounted for in equity as an appropriation of retained earnings in the financial year ending 30 September 2021.