Annual Report 2019

DIRECTORS’ REPORT (CONTINUED) China Merchants China Direct Investments Limited Annual Report 2019 39 DISTRIBUTABLE RESERVES OF THE COMPANY AND DIVIDEND POLICY The Company has an amount of US$25,945,745 (31 December 2018: US$47,652,713) available for distribution as at 31 December 2019. In consideration of maintaining a balance between investing for business growth and sharing the investment results with our shareholders, the Company intends to, under normal circumstances, adopt a relatively stable dividend policy and the dividends will be paid out in cash once a year, usually in the form of final dividends payable in July in each year. The Directors may also from time to time declare interim dividends as they see justified by the profits of the Company. In addition, the Company will give due consideration, including status of the investment portfolio, investment opportunities, commitments, etc., to the distribution of a special dividend upon receiving a satisfactory return from the realisation of its investments. ISSUED SHARES Details of movements during the year in the issued shares of the Company are set out in note 24 to the consolidated financial statements. EMOLUMENT POLICY The emoluments of the Directors of the Company are fixed by the Board of Directors with the authorisation by the shareholders meeting. PURCHASE, SALE OR REDEMPTION OF SHARES OF THE COMPANY During the year, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s shares.