STO Board has passed to disburse MVR 57 as dividends for last year for their shareholders.
The AGM notice issued today said the Board on the 19th of this month had passed to disburse MVR 57 as dividend earnings, passed with the majority of the Board. The AGM of the company will be held in June 4, in Kurumba Island Resort.
The financial statements for last year show that STO had earned MVR 520 million, a drop from MVR 573 million posted the previous year. STO profits for the year had dropped due to falling global oil prices.
Capital Market Development Authority (CMDA) regulations say that all public limited companies must hold their AGMs before the end of this month. However, STO said the AGM had to be postponed due to delays in compiling the financial statements for the year.
Similar to the AGMs of the previous years, the AGM will pass the agenda, financial statements and appoint Directors from the General public and an audit firm for the company.
