The objective of ETI is to optimise shareholders’ return on investment mainly through an increase in the value of shares, and the payment of dividends. Dividends are payable in cash and/or as bonus-shares. Cash dividends payable are derived from yearly profits or from retained earnings accrued profits whilst bonus share are payable from the same sources as well as other reserves that are non-statutory in nature.

Given the need of the group to extend its capital resources to strengthen its operational base and fund its expansion plans the company’s dividend distribution will be guided by the following principles:

• Special efforts will be made to pay dividend each year.
• The level of the dividend pay-out will not compromise the maintenance of adequate reserves against exchange rate movement and the growth of other capacity building reserves.
• Cash dividends paid out will not exceed dividends received from the Group’s subsidiaries and affiliates.
• Whilst maintaining adequate dividend cover dividend will be increased in accordance with the growth in earnings per share.

The following table outlines the rate of dividend pay-out by the company since 1998 :