Mainboard-listed Cogent Holdings, the leading integrated logistics solutions provider, says the group remains committed to reward shareholders with proposed dividends spelt out in its IPO prospectus dated Feb 9.

Cogent had said in its prospectus that it intended to recommend and distribute dividends of at least 50% of its profits attributable to shareholder in FY2009. Depending on the group’s cash requirements, the company may distribute the dividends on a quarterly basis after the end of each respective financial year.

On March 26, the group reported net profit attributable to shareholders of $17.7 million for FY2009. On the same day, an interim dividend of 1.39 cents per share which amounts to 25% of the FY2009 net profit, was declared for the financial year ending Dec 31 2010 (FY2010). The company says it remains committed to pay the remainder of the proposed dividends.

As to why an interim dividend was being declared for FY2010 instead of a final dividend for FY2009, Cogent explains that as the group was established on Jan 18 through a restructuring exercise, the company would be able to declare dividend only after Jan 18 2010 when its subsidiary company had distributed to it dividend based on earnings generated in FY2009.