To: All Shareholders
The Board of Directors of United Overseas Bank Limited wishes to make the following announcement:
Audited Financial Results for the Financial Year Ended 31 December 2019
Details of the financial results are in the accompanying Group Financial Report.
Dividends and Distributions for the Fourth Quarter Ended 31 December 2019
Ordinary share dividend
The Directors recommend the payment of a final tax-exempt dividend of 55 cents and a special tax-exempt dividend of 20 cents (2018: final dividend of 50 cents and special dividend of 20 cents) per ordinary share for the financial year ended 31 December 2019. The final dividend is subject to shareholders’ approval at the forthcoming Annual General Meeting scheduled for 30 April 2020.
Together with the interim tax-exempt dividend of 55 cents per ordinary share (2018: 50 cents) paid in August 2019, the total net dividends for the financial year ended 31 December 2019 will be S$1.30 (2018: S$1.20) per ordinary share amounting to S$2,170 million (2018: S$2,000 million). The dividends will be paid in cash on 21 May 2020. The UOB scrip dividend scheme will not be applied to the final and special dividends.
Notice is hereby given that the Share Transfer Books and Register of Members of the Bank will be closed on 13 May 2020, for determining shareholders’ entitlements to the final and special dividends. Registrable transfers received by the Bank’s Registrar, Boardroom Corporate & Advisory Services Pte Ltd at 50 Raffles Place, Singapore Land Tower #32-01, Singapore 048623 up to 5.00 pm on 12 May 2020 will be registered for the dividends. In respect of ordinary shares in securities accounts with The Central Depository (Pte) Limited (“CDP”), entitlements to the dividends will be computed based on the shareholding position after settlement of all trades on 12 May 2020 (“Record Date”). The dividends will be paid by the Bank to CDP which will, in turn, distribute the dividends to holders of the securities accounts.
Distributions on perpetual capital securities
On 21 October 2019, a semi-annual distribution at an annual rate of 3.875% totalling US$13 million was paid on the Bank’s US$650 million 3.875% non-cumulative non-convertible perpetual capital securities for the period from 19 April 2019 up to, but excluding 19 October 2019.
On 18 November 2019, a semi-annual distribution at an annual rate of 4.00% totalling S$15 million was paid on the Bank’s S$750 million 4.00% non-cumulative non-convertible perpetual capital securities for the period from 18 May 2019 up to, but excluding 18 November 2019.
On 18 November 2019, a semi-annual distribution at an annual rate of 4.75% totalling S$12 million was paid on the Bank’s S$500 million 4.75% non-cumulative non-convertible perpetual capital securities for the period from 19 May 2019 up to, but excluding 19 November 2019.
Interested Person Transactions
The Bank has not obtained a general mandate from shareholders for Interested Person Transactions.
Confirmation by Directors
The Board of Directors hereby confirms that, to the best of its knowledge, nothing has come to its attention which may render the audited financial results of the Group for the financial year ended 31 December 2019 to be false or misleading in any material aspect.
Undertakings from Directors and Executive Officers
The Bank has procured undertakings in the form set out in Appendix 7.7 of the Listing Manual from all its directors and executive officers pursuant to Rule 720(1) of the Listing Manual.
Information relating to persons occupying managerial position in the issuer or any of its principal subsidiaries who are relatives of a director or chief executive officer or substantial shareholder of the issuer pursuant to Rule 704(13)
| Name | Age | Family relationship with any director and/or substantial shareholder | Current position and duties, and the year the position was held | Details of changes in duties and position held, if any, during the year |
| Wee Ee Cheong | 67 | Son of Dr Wee Cho Yaw, substantial shareholder and; brother of Mr Wee Ee Lim, director and substantial shareholder | Deputy Chairman & CEO | Nil |
BY ORDER OF THE BOARD
UNITED OVERSEAS BANK LIMITED
Joyce Sia / Theresa Sim
Company Secretaries
Dated this 21st day of February 2020
The results are also available at www.UOBgroup.com
