Dividend Policy and Payment

Dividend Policy

ZEN Group's board of directors may consider paying the annual dividend, subject to approval by the shareholders' meeting. However, for interim dividends, the board has the authority to approve the payment of dividends from time to time when it deems that ZEN Group has sufficient profits to do so, and must report this to the shareholders at the next meeting.

ZEN Group has a policy to pay dividends to shareholders of no less than 50% of the net profit as per ZEN Group’s consolidated financial statements, after deducting corporate income tax and after allocating reserves as required by law and ZEN Group in each year, as well as obligations under loan agreement terms (if any). The board of directors will consider dividend payments, which may differ from the stated percentage, taking into account various factors primarily for the benefit of shareholders, such as economic conditions, ZEN Group’s performance and financial position, cash flow, reserves for future investments, reserves for loan repayment, or working capital within ZEN Group. The conditions and limitations outlined in loan agreements will not significantly affect ZEN Group’s normal operations, as deemed appropriate by the board of directors.

Furthermore, since ZEN Group operates as a holding company with income derived from holding shares in other companies and does not have significant business operations of its own, with its main assets being investments in subsidiaries, ZEN Group’s ability to pay dividends depends primarily on the performance and dividend distribution of its subsidiaries.