On July 28, 2020, Quarz Capital Management, Ltd. issued a letter urging Teckwah Industrial Corporation Limited to take immediate steps to address the severe undervaluation of its share price and unlock a potentially attractive total return of >30% to all shareholders. In the letter, Quarz Capital explained the overview of the Company and the key reasons for its undervaluation and provided available and actionable steps to improve the capital allocation, corporate governance and operating efficiency of the Company. Quarz Capital recommended the Company that; 1) to commit to increase dividend paid to S$0.0315 per share (~6.3% dividend yield), 2) expedite on growth strategies in the non-print business, and 3) enhance expertise and corporate governance.