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Share Name Share Symbol Market Type Share ISIN Share Description
Steppe Cement Ltd LSE:STCM London Ordinary Share MYA004433001 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.50 3.37% 46.00 45.00 47.00 47.00 44.50 44.50 524,103 11:05:11
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 54.7 9.6 3.7 11.0 101

Steppe Cement Share Discussion Threads

Showing 4976 to 4999 of 5400 messages
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DateSubjectAuthorDiscuss
21/10/2022
15:59
Around 2 weeks until the dividend is confirmed?
danmart2
21/10/2022
15:26
window of opportunity before divi announcement rapidly closing, should be on a flyer to 50p in the next 2 weeks
elpirata
21/10/2022
10:11
To me the chart says resistance at 39p but order book says resistance is very weak with just 33,000 shrs available to buy below 39p. This might get back in the 40-60p box today with some very light buying where 40p then becomes support

We shall see

Gla

return_of_the_apeman
21/10/2022
09:57
Previous resistance at 45p first, but looking lovely today in a sea of red.
stun12
21/10/2022
09:03
Anyway first target is recent peak around September 2021, just over 60p. Would still be a high yield of over 9% with no tax issue and 5p this year, 6p in July.
bluemango
21/10/2022
08:51
if you believe in EW theory, we're on the way to a quid, afaiac
mattjos
21/10/2022
08:40
in any event, the current round of selling looks to have been cleared out
mattjos
21/10/2022
08:40
Hi Aleman, I prefer to use 13,49,75 EMA for identifying that pattern & using those moving average settings, the Golden Cross occurred yesterday
mattjos
21/10/2022
07:46
Aleman - Well spotted!

Gary and Danmart - I agree entirely!

eggbaconandbubble
21/10/2022
07:16
Potential golden cross coming?
aleman
20/10/2022
17:21
Sit back and await the announcement
danmart2
20/10/2022
12:14
It feels like the seller is finally out.
I think 50p per share is the MINIMUM this should be trading at, assuming the 5p dividend is announced as expected. The company is stable and profitable and growing, and there is every reason to expect the same dividend or slightly better next year.
So how can this yield more than 10%, as it is now? It is simply too much.
In the short term, it will help, of course, that the 2021 and 2022 dividends will now come within about 9 months of each other as a result of the delay. 10p (or maybe 11p) per share dividends over nine months is quite some return.

tigerbythetail
20/10/2022
11:41
Still be a payment of circa. 23% (76% of 11p) @36p even if we have to pay tax on the previous an next divi and that's not even over 12m months
return_of_the_apeman
20/10/2022
08:56
People following the lead of directors buying a week ago.

This is second largest holding in my income portfolio, an amazing & sustainable yield if they can sort this tax issue out next month.

bluemango
20/10/2022
08:37
looks to me like we are finally starting to escape the 13 months down trend. Price is much more sensitive to small buying pressure than has been the case for long time
Certainly feels like there has been a decent chunk change hands here recently.

I think reasonable to believe we should soon establish circa 50p as the new floor.

mattjos
20/10/2022
07:46
What do. We think will be the in-dividend date for the 2001 payment? Forward looking as usual or retrospective?
wind dancer
19/10/2022
19:46
very good r_o_t_a :-)
mattjos
19/10/2022
18:40
Why speculate? Relax and await the announcement, not long now.
gary1966
19/10/2022
17:24
Perhaps this is the sticking point, the theory is good but the government is not sure how they are going to put it into practise yet but they might have stated to Steppe that the answer is coming in Nov

Notwithstanding the above, the Guidelines do not explain whether the bilateral / unilateral credits are to be computed on a source-by-source, country-by-country or consolidated basis

return_of_the_apeman
19/10/2022
17:13
Yeah, the Dutch tax treaty rings a bell, you are right that was the premise they were working from

One must be mindful of course to pass the Dutchy tax from the left hand side :-)

return_of_the_apeman
19/10/2022
16:37
Your last sentence - the company quotes paying a 20% profit tax but that is not the same as the tax on dividend distributions. In Kazahkstan that seems to generally now be 5%. But doesn't it also go through the Netherlands holding company? They generally have a 15% withholding tax on distributions there which might meet the tax-paid requirement - but are they still exempt? Now look at the admission document (with out of date tax rates?). Do they pay 15% or more tax on distributions anywhere? If not, then do the exemptions overrule the 24%? Still not clear to me - but somebody out there probably knows now. (The insider buying might not be for the dividend. Given the low price, it might equally be for share buy-backs or capital return now that exemptions have been "clarified" - LOL.)

4 Taxation Status of the Group
Central Asia Cement is an operational, Kazakhstan share company which is subject to a profit tax in Kazakhstan
at a corporate income tax rate of 30%.
Any dividend distributions to be made by Central Asia Cement to Central Asia Cement Holding BV are in principle
subject to a Kazakh dividend withholding tax rate of 15%. However, under the tax treaty concluded between the
Netherlands and Kazakhstan, this percentage can be reduced to 5% of the gross amounts of the dividends.
Central Asia Cement Holding BV is subject to a profit tax in the Netherlands at a corporate income tax rate of
31.5% (reducing to 30% in 2007). However, with respect to the 100% shareholdings in Central Asia Cement,
Central Asia Cement Holding BV should be entitled to the Dutch taxation participation exemption because it has
obtained a participation exemption ruling with the Dutch tax authorities. As a result Central Asia Cement should
be entitled to distribute dividends to its Dutch intermediate holding company without Central Asia Cement Holding
BV becoming subject to Dutch taxation on the dividends.
Any dividend distributions to be made by Central Asia Cement Holding BV to Steppe Cement (M) Sdn. Bhd. in
Malaysia would normally be subject to 25% Dutch dividend withholding tax. However, under the tax treaty
concluded between the Netherlands and Malaysia this percentage can be reduced to nil, assuming that Steppe
Cement (M) Sdn. Bhd. is entitled to treaty protection under the Netherlands/Malaysian tax treaty.
Under Malaysian tax law any dividend income received by Steppe Cement (M) Sdn. Bhd. from Central Asia
Cement Holding BV will be credited into an exempt income account from which tax-exempt dividends can be
distributed to Steppe Cement. There is no withholding tax on dividends distributed by Steppe Cement (M) Sdn.
Bhd. to Steppe Cement.
Under the Labuan tax legislation, dividends received by Steppe Cement from Steppe Cement (M) Sdn. Bhd. will
be exempt from tax. There is no withholding tax on dividends distributed by Steppe Cement to its shareholders.
Any gains from the disposal of shares in Steppe Cement by its shareholders would generally not be subject to any
tax in Malaysia or Labuan.

aleman
19/10/2022
13:00
The Board of Steppe Cement Ltd (Steppe Cement or Company) wish to draw the attention of shareholders to the following matters:

Dividend proposal

The Board wishes to recommend the distribution of a 5p dividend in respect of 2021. However new regulations in Malaysia have created uncertainty about the tax treatment of foreign sourced dividend income for Malaysian corporates - meaning that income to Steppe Cement Sdn Bhd may be subject to a 24% withholding tax. Therefore before declaring the dividend, the Board is waiting for clarification regarding the exemption to this tax. It is the understanding of the Board that confirmation from the Malaysian authorities will be forthcoming shortly. The Kazakh subsidiaries already pay 20% profit tax in Kazakhstan.

return_of_the_apeman
19/10/2022
12:53
Great spot Aleman,

Think it is covered in this bit, I seem to remember the companies gripe was that tax had already been paid in another country - I'll see if I can dig it out if no-one has it to hand

Pursuant to the Order, the FSI exemption available to a qualifying individual[1] is conditional upon the FSI having been subjected to tax “of a similar character to income tax” under the laws of the foreign jurisdiction (“subject to tax” condition). For the purpose of this Order, the Guidelines provide that the “subject to tax” condition is considered to have been met where:

(i)The income has been subject to tax in the foreign jurisdiction – i.e., withholding tax (WHT) or income tax is paid or payable in the foreign jurisdiction

Dyor - I am not an expert

Other bullish factors around this announcement are it came out after the last update from the company stating it expected the issue to be sorted in November. Also it was in the public domain before the insiders bought a massive chunk last week.

return_of_the_apeman
19/10/2022
09:28
Still not sure what this means. It seems to remove the risk of any further tax on taxed dividends received into Malaysia but is the outgoing dividend taxed or not? It looks like it would be if the second dividend was paid to another Malaysian entity but not if paid abroad. I think this means we get the 5p if the tax issue was just potential double taxation of the first inward dividend? The information is out there now but I'm still not sure.


Https://www.ey.com/en_my/tax-alerts/tax-treatment-of-income-that-is-received-from-outside-malaysia

Conditions in relation to Income Tax (Exemption) (No. 6) 2022, which apply to the dividend income of companies, LLPs and individuals earning dividend income in relation to a partnership business


Pursuant to the Order, the exemption on dividend income available to a qualifying person[2] is on condition that:

(a) The dividend income has been subjected to tax “of a similar character to income tax” under the laws of the foreign jurisdiction (“subject to tax” condition), and

(b) The “headline tax rate” (i.e., highest rate of tax “of a similar character to income tax” charged under the laws of the foreign jurisdiction) is at least 15%.

For the purpose of this Order, the Guidelines provide that the “subject to tax” condition is considered to have been met where the foreign-sourced dividend income:

(i) Has been subject to tax in the foreign jurisdiction, as follows:

WHT or income tax is paid or payable on the dividend income; or
The dividend has been subject to underlying tax. On this point, the Guidelines appear to indicate that underlying tax is limited to the tax paid by the entity from which the dividend is received. This is indicated for example in Note II of Paragraph 5.2.1.3(a), which specifically indicates that the underlying tax is only the tax of the entity paying the dividends. This note is replicated below, and is illustrated in Appendix 1 of the Guidelines.

Nota II:
Jika syarikat pembayar (Syarikat X) membayar dividen daripada dividen yang diterima daripada syarikat lain (Syarikat Y) (sama ada dalam negara yang sama dengan Syarikat X atau sebaliknya), underlying tax yang dibayar oleh Syarikat Y tersebut ke atas dividen itu tidak boleh dianggap sebagai cukai yang dibayar atau kena dibayar oleh Syarikat X bagi tujuan syarat kelayakan ini (rujuk ilustrasi di Lampiran 1).



Note II:

If the paying company (Company X) pays dividends out of dividends received from another company (Company Y) (either from the same country as Company X or otherwise), the underlying tax paid by Company Y on the dividends cannot be considered as tax which is paid or payable by Company X for the purposes of this eligibility requirement (refer to the illustration in Appendix 1).




Https://taxsummaries.pwc.com/malaysia/corporate/income-determination

Dividend income

Malaysia is under the single-tier tax system. Dividends are exempt in the hands of shareholders. Companies are not required to deduct tax from dividends paid to shareholders, and no tax credits will be available for offset against the recipient’s tax liability. Corporate shareholders receiving exempt single-tier dividends can, in turn, distribute such dividends to their own shareholders, who are also exempt on such receipts.

aleman
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