QAF and S44A

P/S - Singapore River on Sunday last.

QAF, the company best known for Gardenia bread, told its shareholders that they will receive 973 PSC shares and 284 Zhongguo Jilong shares as dividends for every 1,000 QAF shares held.

Advantages to shareholders
- Allow them to seek tax credits if the corporate tax is higher than personal income tax rate.
- Shareholders have the flexibility to sell the new shares received for cash.

Advantages to QAF
- goodwill with its shareholders
- no impact on its cashflow