Xinyi Glass releases initial results of scrip dividend scheme

The value of the scrip shares elected by nine major shareholders amounted to HK$210mn.

Xinyi Glass Holdings Limited (“Xinyi Glass”), a leading integrated high-quality float glass, automobile glass, energy saving construction glass and solar glass manufacturer, Monday announced the preliminary results of its scrip dividend scheme.

Under the scrip dividend scheme announced in the Group’s 2011 interim results announcement, each qualifying shareholder has an option to elect to receive an interim dividend in cash payment of 11.0 HK cents per share, or by way of an allotment and issue of scrip shares. The scrip shares are to be issued at HK$4.54 per share.

The nine major shareholders of the Group, including Mr Lee Yin Yee, M.H. (Chairman), Mr Tung Ching Bor (Vice Chairman), Mr Tung Ching Sai (Chief Executive Officer) and Mr LEE Sing Din, have submitted their election forms to Computershare with all Xinyi Glass shares under their BVI investment companies electing to receive scrip shares.

As of Tuesday, the last day to submit the scrip dividend election form, the value of the scrip shares elected by these nine major shareholders amounted to approximately HK$210 million, representing more than 52% of the total qualified entitlement shares, according to a Xinyi Glass report.

Besides, these nine major shareholders have purchased more than 43 million shares of Xinyi Glass on the open market from 2 August after the interim results announcement up to today. Their election in favour of the Group’s scrip dividend scheme and continuous share purchases have demonstrated their commitment to the Group as well as their confidence in the Group’s business development strategy and prospects.