By Alfean Hardy
Shell Refining Company (Federation of Malaya) Bhd (Shell Refining) is expected to name its new chairman on May 17, its outgoing chairman Datuk Jon Chadwick said.
Speaking to reporters on the sidelines of Invest Malaysia 2006 conference in Kuala Lumpur on March 24, Chadwick said: “May 18 is my last day as chairman of Shell Refining.”
Chadwick has taken on the role of executive vice president Asia for the Shell Group.
“The board will be deliberating on who my replacement is at a board meeting on the day before and we’ll be making an announcement, hopefully, to our shareholders on May 17,” he added.
Chadwick declined to say whether his replacement would come from within Shell Refining.
On the company’s record dividend payout of RM1 per share for FY05, Chadwick said: “We’ve made clear what our dividend policy is. Interim plus a final 50 sen. In addition, we will be paying 20 sen every quarter until we’ve used up our cash.”
“We predict that it will be any where from four to eight quarters. We’ve already paid two, so there’s two to six (quarters) to go. This means that we’ll be paying anywhere from 90 sen to 130 sen per share,” he added.
“Last year we paid a ringgit and, for a stock that’s trading at about RM10 today, that’s a 10% yield. We are predicting we’d be paying between 90 sen and 130 sen this year. It’s better than putting it in a bank,” said Chadwick.
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