WHA Group postpones Shareholders' Meeting due to the COVID-19 epidemic, proposing THB0.0535/share interim dividend at 27 April Board Meeting

Bangkok – WHA Corporation or WHA Group announced the postponement of its Shareholders’ Meeting until the situation normalizes, while its Board of Directors has planned to consider an interim dividend of THB0.0535 per share at the meeting scheduled on 27 April, recommitting to its original dividend payment plan.

Ms. Jareeporn Jarukornsakul Chairman and Group CEO of WHA Corporation PCL or WHA Group, leader in fully integrated Logistics Properties, Industrial Estates, Utilities and Power and Digital Platform, revealed that amid the threat of COVID-19, the government announced the emergency decree that requested the private sector to reconsider the need to organize activities that draw large gatherings of people, to contain the spread of COVID-19. Although WHA has prepared screening measures for the safety of shareholders and all parties involved, the Board of Directors has approved a plan to postpone the Company Shareholders’ Meeting, which was originally scheduled on 27 April 2020. The Company will reschedule the Shareholders’ Meeting when the COVID-19 situation has been resolved.

Despite the indefinite postponement, the Company’s Board of Directors will reconsider the new 2020 shareholders meeting date, agenda and record date. Shareholders will be notified of the new schedule. WHA would like to affirm that the meeting postponement will have no effect on the company’s operations.

However, the Board of Directors will call for a meeting on 27 April 2020 to consider the interim dividend replacement instead of proposing an annual dividend, following the similar conditions as informed in the 2020 AGM announcement dated on 28 February 2020, of which the Board approved to propose the dividend payment of THB0.0535 per share. The Company earlier paid the interim dividend of THB0.0815 per share in December 2019.

The Chairman and Group CEO of WHA Corporation added that the Company has closely monitored the COVID-19 situation and has put precautionary measures in place. For the first half outlook, all industries are expected to be affected from this crisis. Therefore, businesses need to adjust their strategies in a move to tackle the situation and be resilient to recover after the situation is resolved.

For WHA’s 2020 business outlook, the Company will continue to remain the industry’s leader in its core businesses with plans to expand locally and in overseas. The Company’s 4 businesses comprise of the following.

• WHA Logistics – In 2020, the company expects to attain additional 250,000 square meters of rental space. As a result, the Company’s total warehouse space, owned and under management, will be increased to 2,560,000 square meters. Apart from existing warehouses in Thailand and Indonesia, the company is exploring business opportunities in Vietnam. Besides, the Company has plans to set up a REIT fund selling around 150,000 square meters of its property into the fund.
• WHA Industrial Development (WHAID) is in the process of developing the Group’s 11th industrial estate (WHA Rayong 36 Industrial Estate) and expanding WHA Eastern Seaboard Industrial Estate 4. The Company also plans to develop 3 new industrial estates by 2023. For WHA Industrial Zone 1 – Nghe An, Vietnam, the company has plans to accelerate sales. The Company expects to sell 1,400 rai of land domestically and overseas in 2020.
• WHA Utilities and Power (WHAUP) focuses on High Value Product such as Reclamation Water and Demineralized Water. The Company applies innovation to energy solutions such as Smart Microgrid, Peer-to-Peer Energy Trading and Energy Storage. For rooftop solar service business, the Company expects to substantially increase the sale of electricity to WHA's and non-WHA's real estate clients during next few years. Currently, the Company already secured contracts to support electricity for the total of 35 megawatts. The Company’s total electricity generation capacity is expected at 591 megawatts in 2020 by shareholding proportion.
• WHA Digital Platform aims to support all business functions by enhancing digitalization infrastructure capacity and transforming into the digital era. In late 2020, the Company plans to install fiber optic system, covering some areas in 9 of its 10 industrial estates in Thailand.