A corporate actions announcement by Ecobank Transnational Incorporated (NGX: ETI) has confirmed a proposal by the bank to pay a final dividend of 0.16 US cents per ordinary share for the financial year ended 31 December, 2021.
Investogist on Wednesday, reported that ETI saw its profit for the year increase by 305% to $357 million in 2021 from $88 million recorded in 2020.
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The proposed dividend of 0.16 US cents ($0.0016) will amount to approximately 67 kobo per ordinary share at the I&E exchange rate of N416.25 per dollar.
The dividend is subject to appropriate withholding tax and approval of shareholders at its Annual General Meeting.
With the share price currently at N12.00, the 67 kobo dividend amount to a Dividend Yield of 5.58% before withholding tax. A withdrawing of the 10% withholding tax will give shareholders a net dividend cash of 60.3 kobo, and a dividend yield of 5.02%.
Dividend will only be be paid to shareholders whose names appear in the Register of Members at the close of business on 3 June 2022.
The dividend is payable electronically on 6 July 2022 to shareholders whose names appear on the Register of Members as of 3 June 2022 and who have completed the e dividend registration and mandated the Registrar to pay their dividends into their bank accounts.
Shareholders who are yet to complete the e-dividend registration form are advised to do so using the E-Dividend Mandate Activation Form link. The form is also available on the website of the Registrars, www.gtlregistrars.com.
The bank also advised shareholders with unclaimed, yet to be presented for payment or returned for validation, dividend warrants and share certificates to complete the e-dividend registration form or contact the Registrar; Greenwich Registrars & Data Solutions Limited.
The Company’s Annual General Meeting will be held in Abidjan, Côte d’Ivoire on 25th May, 2022 at 10 am (GMT).
Nnamdi Maduakor is a Writer, Investor and Entrepreneur