March 25, 2020 / 10:39 AM / 15 days ago

BRIEF-Bonvests Holdings Says Current FY Results Of Group Will No Doubt Be Adversely Affected By Covid-19

March 25 (Reuters) - Bonvests Holdings Ltd:

* COVID-19 WILL NEGATIVELY IMPACT DEMAND FOR CORPORATE AND LEISURE TRAVELERS IN OUR HOTELS AND RESORTS

* GROUP’S RENTAL DIVISION WILL ALSO BE NEGATIVELY AFFECTED

* STAFF HAVE TAKEN TEMPORARY PAY CUTS RANGING FROM 10% TO 50% OF THEIR BASIC MONTHLY SALARY

* NON-EXECUTIVE AND INDEPENDENT DIRECTORS WOULD VOLUNTARILY TAKE A REDUCTION OF 10% OF DIRECTORS’ FEES FOR FY2019

* TO RESCIND PROPOSED DIVIDEND IN RESPECT OF FINANCIAL YEAR ENDED 31/12/19

* GROUP’S HOTEL AND RESORT BUSINESS HAVE BEEN SERIOUSLY AFFECTED

* GROUP’S FINANCIAL RESULTS AND CASH RESOURCES WOULD PROGRESSIVELY AND SERIOUSLY BE NEGATIVELY IMPACTED AS OUTBREAK CONTINUES

* RESULTS OF GROUP FOR CURRENT FINANCIAL YEAR WILL NO DOUBT BE ADVERSELY AFFECTED BY COVID-19 SITUATION Source text for Eikon: Further company coverage:

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