REG - Steppe Cement Ltd - Update re intention to pay a dividend

Steppe CementAnnouncement

13/12/2023 09:30

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RNS Number : 6474W  Steppe Cement Limited  13 December 2023

13 December 2023

Steppe Cement Ltd

("Steppe Cement" or the "Company")

Update re intention to pay a dividend

Further to the announcement on 12 July 2023 in which Steppe Cement Ltd stated
its intention to pay a dividend of 2 to 3 pence per share before November 2023
to the Company's shareholders and confirmed that it had set aside the funds to
do so, Steppe has sought professional advice on the most efficient way in
which to effect such a distribution.

Since the date of this announcement, the Company has been advised that new tax
legislation, which has taken effect in Malaysia, the Netherlands and
Kazakhstan, has made the Company's current corporate structure inefficient for
the purposes of making shareholder distributions which would potentially now
be subject to tax charges arising in multiple jurisdictions. The board of
directors is therefore in the process of reviewing the current group structure
in order to understand what courses of action are available to facilitate
efficient shareholder distributions in the future.

The Company is committed to returning capital to shareholders in the near term
and is currently exploring alternative ways to return funds to shareholders.
 

Steppe will update the market when it has resolved on a course of action.

 

For further information, please contact:

 Steppe Cement Limited                                                 www.steppecement.com
 Javier del Ser Pérez, Chief Executive Officer                         Tel: +(603) 2166 0361

 Strand Hanson Limited (Nominated & Financial Adviser and Broker)      www.strandhanson.co.uk (http://www.strandhanson.co.uk/)
 James Spinney / Ritchie Balmer / Robert Collins                       Tel: +44 20 7409 3494

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

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