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Richina drops divvy

Tuesday 29th July 2008

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Richina Pacific, whose investments range from the Mainzeal construction business to an aquarium in Beijing, has dropped plans to pay a 1.5 cents-a-share, citing a potential acquisition and the global economic dowturn.

"A new acquisition opportunity is under consideration," chairman John Walker told shareholders at their annual meeting.

"Preserving maximum cash is the most prudent action at this time, but we are cautiously optimistic that dividend payments will resume in due course in the coming year."

Net profit almost halved in the first half of the year to US$2.8 million and the company "has clearly felt the impact of deteriorating and uncertain conditions in the global economy," Walker said.

Shares of Richina fell 4% to 48 cents.

By Jonathan Underhill

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