Shareholder information

ASA International intends over time to pay a dividend with a target aggregate dividend pay-out ratio of 30 percent of IFRS net profits realized during the financial year. The Board may elect to pay any such dividend in two instalments in the form of an interim dividend and a final dividend. This dividend policy reflects the long-term earnings and cash-flow potential of the Group, consistent with maintaining sufficient financial flexibility.

The declaration and payment of any future dividends and the amounts of any such dividends will depend upon ASA International’s results, financial condition, future prospects, profits being available for distribution, consideration of certain covenants under the terms of outstanding indebtedness, and any other factors deemed by the Directors to be relevant at the time, subject always to the requirements of applicable laws. The ability of operating subsidiaries to upstream payments to the Group depends largely on their respective financial condition and ability to generate profits, and may be restricted from doing so by contract, including other financing arrangements, charter provisions, other shareholders or the applicable laws and regulations, including but limited to, distributable reserves or the maintenance of statutory reserves at its deposit-taking microfinance institutions, of the various countries in which they operate.