Plus   Neg

Swisscom Shareholders Approve All Requests Of Board

Swisscom AG (SWZCF.PK,SCMWY.PK) said that its shareholders approved all requests of the Board of Directors and agreed to an unchanged dividend of CHF 22 per share. The Meeting formally approved the actions of the members of the Board of Directors and the Group Executive Board for the financial year 2017.

920 shareholders took part in the 20th General Meeting of Swisscom Ltd in Fribourg. They represented 72.81 percent of the shares with voting rights. The number of Swisscom shareholders registered in total at the end of March 2018 was around 72,500.

The shareholders approved the management report, the consolidated financial statement and the financial statement for 2017. In addition, they agreed to the request of the Board of Directors to set the ordinary dividend at CHF 22 gross per share, as in the previous year. The dividend yield is around 4.7 percent - based on the current closing price. The total dividend amount is CHF 1,140 million.

On 10 April 2018, shareholders will be paid a net dividend of CHF 14.30 per share after deduction of federal withholding tax of 35 percent.

For the current year 2018, Swisscom expects a net turnover of around CHF 11.6 billion and EBITDA of around CHF 4.2 billion. The development of the network infrastructure in Switzerland and in Italy continues to require high investments: Swisscom expects the overall amount to be less than CHF 2.4 billion, and over CHF 1.6 billion of this will be invested in Switzerland.

"If Swisscom achieves its goals, we are again planning to propose a dividend of CHF 22 per share to the General Meeting of Shareholders 2019 for the financial year 2018," said Hansueli Loosli, Chairman of the Board of Directors.

The Meeting formally approved the actions of the members of the Board of Directors and the Group Executive Board for the financial year 2017. In an advisory vote, the Meeting noted and approved the remuneration report.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration (FDA) has gone ahead with the approval of antiviral drug remdesivir as first treatment for COVID-19, notwithstanding last week's findings by the World Health Organization (WHO) that the drug is not effective for COVID-19 treatment. Thursday, Gilead Sciences announced that the FDA approved remdesivir, sold under the brand name Veklury. Integrated payments firm American Express Co. (AXP) reported Friday that net income for the third quarter declined to $1.1 billion or $1.30 per share from $1.8 billion or $2.08 per share in the prior-year quarter. Consolidated total revenues, net of interest expense, also decreased 20 percent to $8.8... The Federal Trade Commission or FTC has launched a new fraud reporting platform, using which, consumers can easily report fraud and all other consumer issues directly to the regulator. In a statement, the FTC said its new website, ReportFraud.ftc.gov, will provide a streamlined and user-friendly way to submit reports about scams, frauds, and bad business practices.
Follow RTT