The Board of Directors of Overseas Realty (Ceylon)PLC in a stock exchange filing said that it has received a communication from Shing Kwan Investment Company Limited, Unity Builders Limited and Shing Kwan Investment (Singapore) PTE LTD, Shing Kwan (PTE) Ltd, Peeli Limited, who collectively own 82.48% of the ordinary voting shares of the Company that they intend to vote against the resolution for the payment of a dividend for 2019, which was recommended by the Board on February 18, 2020 and disclosed to the Colombo Stock Exchange on February 19, 2020.
The Board of Directors therefore believes that the resolution for the approval of the said dividend will be defeated at the Annual General Meeting of the Company scheduled for 25 June 25, 2020. The Board of Directors wishes to keep its shareholders informed of this communication since it is material information.
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