StanChart Shareholders Approve Ksh 7.50 Final Dividend on its NSE Shares

Kevin Namunwa | Jul 31, 2020

Shareholders have approved a Ksh 7.50 final dividend on Standard Chartered Bank shares at the Nairobi Securities Exchange (NSE).

In a statement, the lender confirmed that shareholders had approved the final dividend during the bank’s virtual Annual General Meeting (AGM) held on Friday last week. The final dividend is half of what was earlier suggested.

The lender also announced its plan to list more shares at the NSE worth Ksh 177.7 million following approval by shareholders.

The decision to slash the dividend was reached by the board in June following a slowdown in business ocassioned by the COVID-19 Pandemic.

StanChart had paid out an interim dividend of Ksh5.00 in October 2019 on each ordinary share of Ksh5.00.

The new shares will be issued as bonus shares to shareholders at the rate of 1 for every ten ordinary shares held.

Those on the firm’s register at the close of business on 27th April 2020, will be eligible for the bonus. Shareholders of StanChart approved the payment of a final dividend of KSh 84,690,411 to be paid on or after 24th July 2020.

The meeting also resolved to approve the appointment of Ernst & Young LLP as auditors of SCBK and allowed directors to fix their remuneration.

During the virtual AGM, the shareholders also approved an amendment to the company’s Article of Association to allow them to hold virtual AGMs in the future.

“Members may if they think fit, or if the directors notify them that such is the manner in which any particular meeting will be held confer or hold a meeting by radio, telephone, closed-circuit television, video conferencing or other electronic means shall be deemed to have been held at the registered office of the company,” read the statement in part.

The new shares will be issued as bonus shares to shareholders at the rate of 1 for every ten ordinary shares held.

The meeting also resolved to approve the appointment of Ernst & Young LLP as auditors of SCBK and allowed directors to fix their remuneration.

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