Aapico Hitech Public Company Limited Approves No Dividends for the Period from July to December 2019; Approves Retirement of Pipat R. Punya as Independent Director, Chairman of Audit Committee, Chairman of Nomination and Remuneration Committee, Effective March 2, 2020
March 02, 2020 at 08:39 pm EST
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Aapico Hitech Public Company Limited announced that at the Board of Directors' meeting held on March 2, 2020, approved to propose the shareholder's meeting considers and approves that no dividends shall be paid for the performance from July to December 2019. The reason the Board recommended for no dividend payment is to conserve cash due to the losses caused by the impairment of Sakthi investment. Also, looking ahead the COVID-19 may have some impact on the car industry.
The company also approved Mr. Pipat R. Punya, Independent Director, Chairman of Audit Committee, Chairman of Nomination and Remuneration Committee, has tendered his retirement, which shall be effective on March 2, 2020.
AAPICO Hitech Public Company Limited is a Thailand-based company. The Company is principally engaged in the manufacture and distribution of automobile parts, dies, and jigs. The Companyâs segments include the manufacture of auto parts segment, sales of automobiles and provision of automobile repair services segment, and other segments that represent the manufacture and sales of car navigation systems and services relating to technology. The Company is focused on manufacturing OEM automotive parts, including floor parts, cross members, pillars, brackets, clips, and fuel tanks, for leading automobile assemblers in Thailand. The Company is focused on the OEM auto parts manufacturing business, the car dealership business, and the Internet of Things (IoT) connectivity and mobility business. Its subsidiaries include AAPICO Amata Company Limited, New Era Sales Company Limited, Able Motors Company Limited, AAPICO Hitech Parts Company Limited, and AAPICO Hitech Tooling Company Limited.
Aapico Hitech Public Company Limited Approves No Dividends for the Period from July to December 2019; Approves Retirement of Pipat R. Punya as Independent Director, Chairman of Audit Committee, Chairman of Nomination and Remuneration Committee, Effective March 2, 2020
AAPICO HITECH 
