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STCM Steppe Cement Ltd

22.00
0.00 (0.00%)
19 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Steppe Cement Ltd STCM London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 22.00 00:00:00
Open Price Low Price High Price Close Price Previous Close
22.00
more quote information »
Industry Sector
CONSTRUCTION & MATERIALS

Steppe Cement STCM Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
10/11/2022InterimGBP0.0517/11/202218/11/202202/12/2022
08/07/2021FinalGBP0.02515/07/202116/07/202130/07/2021
29/10/2020InterimGBP0.0105/11/202006/11/202020/11/2020
10/06/2020FinalGBP0.0316/07/202017/07/202031/07/2020
15/05/2019FinalGBP0.0320/06/201921/06/201912/07/2019

Top Dividend Posts

Top Posts
Posted at 18/3/2024 18:37 by user2007
Given the poor H1 but improved 9 month figures, I assume the overall 2023 numbers will be far from the 2022 figures, especially profit wise. Let's hope it will allow distributing 1p as a 2023 divi. I don't expect more. Together with say 2.5p divi from 2022 it would not be too bad this year.Obviously, if they find a way to distribute it....Some selling today, hopefully just people running out of patience.
Posted at 07/3/2024 16:56 by tag57
The 5p dividend paid in Nov 2022 was for 2021 financial year so we should be getting 2 years of dividend this year, at some time, maybe, fingers crossed, eventually, subject to tax jurisdictions etc.
Posted at 11/2/2024 18:45 by riddlerone
I am not convinced you are a shareholder here even though you seem to word your posts as if you are so excuse me for being suspicious

TigerByTheTail - 15 Jan 2024 - 13:01:57 - 5941 of 5994 Steppe Cement - Kazak Infrastruture Play - STCM
My short term and medium term expectations for STCM in conflict here.
Short term I can see why this might drop further - management hasn't given investors any good reason to hold onto these shares for now. The delay in the dividend payment makes management look incompetent.
However, medium term this is a good solid business. And once management sort the corporate structure issue out there could be a "double dividend" paid out this year that might amount to around 25% of the current share price.
Conclusion: I'm looking to buy. But not today. Not yet.
Posted at 27/1/2024 14:11 by mattjos
"Further to the announcement on 12 July 2023 in which Steppe Cement Ltd stated its intention to pay a dividend of 2 to 3 pence per share before November 2023 to the Company's shareholders and confirmed that it had set aside the funds to do so")

219,000,000 shares at 2p/share dividend = £4,380,000
219,000,000 shares at 3p/share dividend = £6,570,000

Let's say they put aside £5.5m for the dividend payment

Kazakhstan Money Market rates are circa 13% as compared to circa 5% for US$

I guess it depends on what currency they are keeping their cash in ... presumably mainly the US$ given the prior long-term trend for KZT to devalue relative to USD but, surely they'll keep at least some in KZT to try and capture some of that higher rate.

£5,500,000 @ 5% Deposit interest rate over 6 months = £137,000 interest on deposit
Posted at 17/1/2024 12:52 by zangdook
No dividend was due in November 2023. Dividends are not due until they've been declared. Even if it were possible to declare an ex-dividend date in the past, it wouldn't make any sense.
Posted at 15/1/2024 13:01 by tigerbythetail
My short term and medium term expectations for STCM in conflict here.
Short term I can see why this might drop further - management hasn't given investors any good reason to hold onto these shares for now. The delay in the dividend payment makes management look incompetent.
However, medium term this is a good solid business. And once management sort the corporate structure issue out there could be a "double dividend" paid out this year that might amount to around 25% of the current share price.
Conclusion: I'm looking to buy. But not today. Not yet.
Posted at 04/1/2024 12:44 by zangdook
Some excerpts from the 2022 Annual Report:

Some changes to the tax treatment of
the chain of dividend flows from the operating
subsidiaries in Kazakhstan have been studied with
professional firms and will be implemented to
simplify the structure,

If the problem arises at an earlier stage than the final payout from the holding company to shareholders, changing the nature of that final payout from "dividend" to "distribution" or "tender" or "buyback" is unlikely to change anything.


As a result of the changing tax regime, both in Kazakhstan and Malaysia, the Company has been exploring
restructuring options in order to minimise the taxation risk on the flow of dividends to shareholders from the
operating subsidiaries going forward.

Again, Kazakhstan tax will be concerned with dividends paid between different elements of the corporate structure, not the eventual payments to shareholders.

Any dividend distributions to be made by foreign subsidiary companies are subject to dividend withholding tax ranging from 15% to 25% which may be reduced to 5% or waived subject to compliance with the relevant tax treaties requirements......

....Under the Malaysian tax law, any dividend income received by Malaysian subsidiary companies will be credited into an exempt income account from which tax-exempt dividends can be distributed. There is no withholding tax on dividends distributed by Malaysian subsidiary companies. However, in the tabling of Budget 2022, the government had announced that foreign source income will be taxed from 1 January 2022.
Under the Labuan Business Activity Tax Act, 1990, any dividends received by the Company from Steppe Cement (M) Sdn. Bhd., a subsidiary company incorporated in Malaysia, will be exempted from tax. There is no withholding tax on dividends distributed to its shareholders.

So it seems that, as well as some complication in Kazakhstan, there may be a problem with "foreign source income" coming into Malaysia, but not with the eventual payments to shareholders.
Posted at 04/1/2024 11:35 by aleman
Money can be brought to the UK to pay dividends - but at a higher withholding dividend tax rate through the subsidiaries than the company would like to pay. A capital return through the subsidiaries might - and I do stress the might bit - avoid this. I don't pretend to know how it might work or how tax authorities in the Netherlands and Malaysia might react to it. I'd just suggest that a capital return would have a different tax treatment from the withholding taxes that are getting in the way of the dividend.

I might add, it would likely have a different tax treatment for the receiving shareholders as well.
Posted at 28/12/2023 01:21 by wilo101
The CEO and Board have had since 311222 to pay the 2022 dividend and they and Deloitte's have entirely failed and the company and all of its stakeholder and this is crass and gross incompetence by all concerned and was all easily avoidable and fixable if they knew what they were doing, which they clearly do not. This means that, in effect, the 2022 and 2023 dividends, if any will be paid late and together. the problem is also the CEO's conflicts of interest given his involvement with Maxam the explosives supplier undeclared ans also his other competing interests and largely absent status, focused on things other than STCM, its assets and business.
Posted at 22/11/2023 15:58 by aleman
Ebab - reread the statement. It might possibly be delayed in the restructuring for tax purposes. Maybe they thought it would be done by November but it isn't. I doubt it's because of trading, given how much the national market has strengthened, which they could not possibly have known when this statement was issued, and given the $4m rise in STCM's cash balance since.

In response to evolving tax legislation in the jurisdictions of our intermediary holding companies, we have diligently continued the restructuring of the Company's holdings to mitigate the potential risk of withholding tax on the dividend stream. Our efficiency enhancement strategy focuses on both streamlining the structure and minimizing associated costs. In line with this strategic realignment, Steppe Cement has incorporated a wholly-owned subsidiary in the Astana International Financial Center (AIFC) as a future holding company of the Kazakh operating entities. The Kazakh operating subsidiaries will remain 100% owned by Steppe Cement through its subsidiary companies. The current objective is to pay a dividend of 2 to 3 pence per share before November 2023.

Changing tax framework and structure has accounted for previous dividend delays. Perhaps it is also the current cause. That's how I interpret it.

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