GGRAsia – Shareholders nod Sands China 2017 final dividend

Shareholders nod Sands China 2017 final dividend

May 28, 2018 Newsdesk Latest News, Macau, Top of the deck

Stockholders of Macau casino operator Sands China Ltd on Friday overwhelmingly approved at the annual general meeting a final dividend for 2017 of HKD1.00 (US$0.1275) per share.

In recommending the dividend in March, the firm’s directors had said it was likely to be paid on June 22 to shareholders whose names appear on the register of members on June 4.

As of Friday, the total number of issued shares was nearly 8.08 billion, according to a filing that day to the Hong Kong Stock Exchange on the results of the voting.

Friday’s meeting also gave a general mandate to the directors to repurchase shares not exceeding in aggregate 10 percent of the total number of issued shares as at the date of the passage of the resolution.

Net revenues for Sands China – on a U.S.-generally accepted accounting principles (GAAP) basis – increased 15.7 percent to US$7.74 billion for full-year 2017, compared to US$6.69 billion in 2016. Net income for the company increased 31.1 percent to US$1.60 billion in 2017, compared to US$1.22 billion in 2016.

According to Sands China’s fourth-quarter and full-year results filed in January in Hong Kong, U.S.-based casino operator Las Vegas Sands Corp beneficially owns approximately 70.07 percent of Sands China’s issued share capital.