Central Plaza Hotel : Approve shareholder meeting date for 2020 and not pay dividends for the full year 2019 operating performance results (edit)
May 22, 2020 at 07:42 am EDT
Share
May 11, 2020
Attention: The President & Director, The Stock Exchange of Thailand (SET)
Re: Announcement of the Resolutions of the Board of Directors Meeting No.3/2020
At the Board of Director Meeting No. 3/2020 of the CENTRAL PLAZA HOTEL Pcl., held on May 11, 2020, the following resolutions were approved :
1. Despite the ongoing COVID-19 pandemic situation having shown an improving trend, but, at the present time, it has still not yet fully eased up; coupled with the fact that the COVID-19 pandemic crisis still remains at a critical phase and is causing great damages to the global economic system so that many countries are experiencing an economic recession together with resulting in a drastic decrease in the total number of travelers worldwide. As such, the overall recovery of tourism and return of tourist arrivals may take a much longer period than experienced from other previous global crises. As at the end of April 2020, only 2 Company-owned and operated hotel properties still remained opened and in operation: the Centara Grand & Bangkok Convention Centre at Central World and the Centra by Centara Government Complex Hotel & Convention Centre Chaeng Watthana; whereby this may change in accordance with any future situations.
The Company has implemented ongoing measures to reduce both operating and staff costs together with management expenses at all levels, as well as has deferred overall planned investments in and refurbishment of its hotel properties; whereby only the very essential and appropriate outlays relating to protecting overall health and safety aspects were considered and undertaken together with the necessary completion of any ongoing development projects that were deemed important.
The Board of Directors Meeting No. 3/2020, as held on May 11, 2020, recognized the importance of the overall stability of the Company's businesses that are the core drivers for achieving benefits for all involved Stakeholders of the Company. The Board also realized that the current business environment has very significant negative impacts for the Company's ongoing business operations and financial liquidity, as well as that it is a situation for which, at present, it cannot be fully determined for how long it may have such negative effects for the Company. As such, effective management and careful preservation of the Company's overall liquidity and cash flows, amidst this critical situation, are fully essential and especially vital. Therefore, the Board has reviewed and reconsidered the matter regarding dividend payments to replace the prior resolution, as approved on February 26, 2020 before the COVID-19 pandemic crisis fully occurred; and has thus approved the new resolution "to not pay any dividends for the full year 2019 operating performance results", which will be proposed for consideration and approval by the Annual Shareholders Meeting 2020.
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That the Annual Shareholder Meeting 2020 will be held on Monday, June 29, 2020 at 14:30 hours, at the World Ballroom, Floor 23, the Centara Grand & Bangkok Convention Centre at Central World, with the following proposed Agenda Items for consideration:
Consideration and Acceptance of the Minutes of the Annual General Shareholders Meeting 2019, held on April 25, 2019.
Acknowledgment of the Operating Performance Results for the Full Year 2019.
Consideration for approval the audited Financial Statements for the Full Year 2019 period, ended December 31, 2019
Consideration for approval the proposed resolution "to not pay dividends for the full year 2019 operating performance results".
Consideration for approval the proposed appointments of Board Directors to replace those retiring by rotation, together with additional new Board Directors.
Consideration for approval the proposed annual compensation for Board Directors for 2020.
Consideration for approval the proposed appointment of the authorized external Auditors, together with the proposed audit fee, for 2020.
Consideration of "Any Other Matters".
The "Record Date" for Shareholders being entitled to attend the Annual Shareholders Meeting 2020 is to be May 25, 2020.
Respectfully yours,
(Dr. Ronnachit Mahattanapruet)
SVP, Finance and Administration
Cc:
Director, Central Operations
Thai Securities Depository Co. Ltd.
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Central Plaza Hotel pcl published this content on 22 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 May 2020 11:41:01 UTC
Central Plaza Hotel Public Company Limited is a Thailand-based company engaged in the operation of hotels and food and beverage business. Its segments include Hotel and related services operation and Food and ice-cream operation. It owns and manages approximately hotels across 14 countries in its portfolio, including Thailand, Vietnam, Indonesia, Laos, Cambodia, Sri Lanka, Maldives, China, Qatar, Oman, UAE, Turkey, Japan and Myanmar. The Company runs a food business under its subsidiary company, Central Restaurant Group Co., Ltd., which is involved in quick service restaurant (QSR) business and has a multi-brand portfolio with approximately 1,599 outlets that covers a variety of food types. Its hotels include Centara Grand & Bangkok Convention Centre at CentralWorld, Centara Grand at Central Plaza Ladprao Bangkok, Centara Grand Resort & Villas Hua Hin, Centara Grand Beach Resort Phuket, Centara Grand Beach Resort & Villas Krabi, and Centara Grand Mirage Beach Resort Pattaya.
CENTRAL PLAZA HOTEL 
