General Announcement::RESPONSE TO QUARZ CAPITAL MANAGEMENT OPE... Page 1 of 1
GENERAL ANNOUNCEMENT::RESPONSE TO QUARZ CAPITAL MANAGEMENT OPEN LETTER TO TECKWAH
Issuer & Securities
Issuer/ Manager
TECKWAH INDUSTRIAL CORPORATION LTD
Securities
TECKWAH INDUSTRIAL CORP LTD - SG0561000464 - 561
Stapled Security
No
Announcement Details
Announcement Title
General Announcement
Date &Time of Broadcast
04-Aug-2020 17:43:54
Status
New
Announcement Sub Title
RESPONSE TO QUARZ CAPITAL MANAGEMENT OPEN LETTER TO TECKWAH
Announcement Reference
SG200804OTHRR70M
Submitted By (Co./ Ind. Name)
Lo Swee Oi
Designation
Secretary
Description (Please provide a detailed description of the event in the box below)
Please refer to the attached announcement re: Response to Quarz Capital Management open letter to the board and management of Teckwah Industrial Corporation Ltd on 28 July 2020.
Attachments
Teckwah%20response%20to%20Quarz%20open%20letter.pdf
Total size =454K MB
https://links.sgx.com/1.0.0/corporate-announcements/GWVGMG47X9FFBS7Z/b66b... 04/08/2020
RESPONSE TO QUARZ CAPITAL MANAGEMENT'S OPEN LETTER TO THE BOARD AND MANAGEMENT OF TECKWAH INDUSTRIAL CORPORATION LTD
The Board of Directors ("the Board") and Management of Teckwah Industrial Corporation Ltd (the "Company" and together with its subsidiaries, the " Group") refers to the open letter sent to Board from Quarz Capital Management Ltd ("Quarz") on 28 July 2020 ("the Open Letter").
The Board and Management of the Group have always sought to act in the long-term interest and sustainable growth of the Group. Our strategic direction has seen the Group grow from humble beginnings as a manufacturer of plain paper boxes to a multi-business organisation with competencies spanning the entire supply chain from packaging printing and logistics to digital solutions for a range of industries.
Integral to our business success has been a sound cash management policy which has enabled us to weather financial crises over the years, the COVID-19 pandemic being the latest and most severe to date. Our sound balance sheet and net cash position have placed us in a stable position. This is especially important in the current environment, given the unlikelihood of a quick economic recovery. More than just the ability to stay afloat, our financial standing has allowed us to build upon our capabilities, invest in new plant and technology, pursue our Digital Transformation & Innovation™ Programme and maintain customer confidence and trust, even in the midst of this and other previous economic down cycles.
Over the years, the Group has continuously evolved and transformed to remain relevant, efficient and competitive. Capital investment in the growth of the Group has been balanced with ensuring equitable returns to our shareholders by paying consistent dividends annually.
We will stay firm on our overarching strategic direction, corporate principles and risk management policies, and remain committed to our stakeholders to ensure value creation for the Group.
We thank shareholders for their strong support all these years and we welcome constructive suggestions to improve the company's performance and the overall long-termwell-being of all our stakeholders. To this end, we would like to express our thanks to Quarz for their comments.
By Order of the Board
Thomas Chua Kee Seng
Chairman and Managing Director
4 August 2020
Attachments
- Original document
- Permalink
Disclaimer
Teckwah Industrial Corporation Ltd. published this content on 04 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2020 11:16:06 UTC