Bangchak Petroleum Shares Fall to 6-Month Low on Dividend Change
Bangchak Petroleum Pcl (BCP), a Thai state-controlled refiner, fell to a six-month low in Bangkok trading after the company reduced the proportion of profit it will pay as a guaranteed dividend.
The shares slid 4.2 percent to 18.20 baht as of 10:07 a.m. local time, set for the lowest close since March 15.
Bangchak changed its policy on minimum dividend payments, reducing the level to 30 percent of net income from 50 percent, it said in a regulatory filing. The adjustment is to “provide sufficient cash” for future investments amid the unstable economic environment, it said.
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