The Board of Directors of Lafarge Africa Plc (NGX: WAPCO) has proposed a final dividend of N1.00 per ordinary share for 2021. This will amount to N16.10 billion, and will be in addition to interim dividend declared last year.
At the 345th meeting of the Board, held on 27th of October 2021, a resolution on interim dividend of N1.00 was proposed, deliberated upon and duly passed on every ordinary share in issue.
The interim dividend also amounted to N16.10 billion, with the final dividend, WAPCO’s gross dividend will be N2.00 and will total N32.21 billion.
The interim dividend was paid from the pioneer profits, and the final dividend proposed, if approved by shareholders will also be payable from the pioneer profits and is not subject to deduction of withholding tax.
The N2.00 amounts to a dividend yield of 769%, as at the time of this publication, wherein the share price of WAPCO stood at N26.00. The share price of WAPCO lost N0.95 on Tuesday to drop from N26.95 opening price to N26.00. The proposed dividend is subject to approval by the shareholders at the Annual General Meeting.
According to the corporate action announcement the cement manufacturer, shareholders whose names are registered in the Register of Members as at the close of business on Friday, 1st April 2022, will be paid the dividend.
Shareholders who are yet to complete the e-dividend registration are advised to download the Registrars e-Dividend Mandate Activation Form, which is available on the website of our Registrar www.cardinalstoneregistrars.com, complete and submit to the Registrar.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur