Following the determination of the third quarter 2020 financial results and taking into consideration our current operating environment, our Board of Directors approved a dividend of USD 34 cents per share. The dividend record date is December 1, 2020, and the Company intends to pay the dividend on December 3, 2020. The holders of ADSs will receive the dividend shortly thereafter.
The Board of Directors reserves the right to distribute the dividends on a quarterly basis, as it deems necessary so that the total annual payout is in accordance with the target range provided, though the payout ratios for each of the quarters may vary and be outside of this range.
It remains the long-term intention of the Company to distribute all excess cash to the shareholders.