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Ser Educacional Approves Dividend Policy
Recife, May 2, 2017, Ser Educacional S.A. (BM&FBOVESPA SEER3, Bloomberg SEER3:BZ and Reuters SEER3.SA) one of the largest private education groups in Brazil and the leader in the Northeast and North regions, announces that, at the Meeting of the Board of Directors held on April 28, 2017, the Company approved its Dividend Policy.
The policy provides for the semi-annual payment of dividends to its shareholders, which establishes that the Company will distribute, every six months, the total mandatory minimum dividend calculated for the period. This amount will be paid within a maximum of 60 days from the date of the resolution of its distribution, except if resolved otherwise in the Shareholders‘ Meeting.
According to Jányo Diniz, CEO of the Ser Educacional group, "we‘re always seeking ways to improve our corporate governance practices and we believe that having a dividend policy established and formalized is an important step for our shareholders to have a greater predictability when receiving dividends".
The calculation methodology for the payment of dividends remains the same, i.e., the Policy establishes the minimum payment of 25% of the net income of the fiscal year, adjusted according to Article 202 of the Brazilian Corporations Law and deducting the installments of the net income that are allocated in the tax incentive reserves of the Company and its subsidiaries, pursuant to the Bylaws.
The new dividends policy is available as an attachment of the notice.
Please click here to access the full document.