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ALERT: These stocks will be paying dividends soon

Here is a recap of stocks that had corporate actions last week and those expected this week.

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Here is a recap of stocks that had corporate actions last week and those expected this week.

Corporate actions include payment of dividends, closure of shareholders’ registers, and qualification dates for dividends or bonuses.

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It also includes the list of companies that will be holding their Annual General Meetings (AGMs) during the week.

Corporate actions held last week

Capital Hotels Plc

Capital Hotels Plc held its Annual General Meeting on June 27, 2018.

NPF Microfinance Bank Plc

NPF Microfinance Bank held its Annual General Meeting on June 28, 2018. A dividend of N0.17 per share was recommended for the 2017 financial year.

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Mutual Benefits Assurance Plc  

Mutual Benefits Assurance Plc held its Annual General Meeting on June 27, 2018. Dividend payment commenced on June 28, 2018. The proposed dividend of N0.02 is the company’s first in nearly a decade.

MRS Oil Plc

Shareholders on its register as at June 28, 2018, qualified for a 1 for 5 dividend bonus.

BOC Gases Nigeria Plc

BOC Gases held its Annual General Meeting on June 28, 2018. A dividend of N0.20 per share was paid on the same date.

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Dangote Flour Mills Plc

Dangote Flour Mills held its Annual General Meeting on June 22, 2018. A dividend payment of N0.20 per share took place on June 27, 2018.

Newrest ASL Nigeria Plc

Newrest ASL held its Annual General Meeting on June 26, 2018. Dividend payment took place the next day. A dividend of N0.17 per share was paid.

Okomu Oil Palm Company Plc

Okomu Oil paid a dividend of N3 per share for the 2017 financial year on June 25, 2018.

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Corporate Actions for this week

Presco Plc

Presco Plc was incorporated in Nigeria on September 24, 2001. The company became a public limited liability company in 2002, and following an Initial Public Offer (IPO) in the same year, was listed on the Nigerian Stock Exchange (NSE).

Qualification date for Presco Plc’s dividend is on July 6, 2018. The company will be paying a dividend of N2 per share for the 2017 financial year.

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Learn Africa

Learn Africa Plc was established in 1961 as Longman Nigeria – a book publishing firm wholly owned by Longman Group UK Limited, now Pearson Education. On July 23, 1996, the shares of Longman Nigeria Plc were listed on the NSE.

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In 2008, the company became a subsidiary of Pearson Plc. In 2011, Pearson and Longman Nigeria mutually agreed to become separate corporate entities in Nigeria.

Learn Africa Plc is into publication and marketing of books at all levels.

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Learn Africa’s qualification date is on July 6, 2018. The company will be paying a dividend of N0.14 per share.

NAHCO Aviance

NAHCO Aviance was incorporated on December 6, 1979, as an aviation servicing company.

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At inception, the Federal Government, through the Federal Airports Authority of Nigeria (FAAN) held 60% equity interest in the company, while four foreign airlines – Air France, British Airways, Sabena, and Lufthansa – shared the remaining 40% in various ratios.

NAHCO Aviance was privatised in 2005 and listed on the NSE in 2006.

NAHCO Aviance will be closing its register from July 3 to July 5, 2018. The company will be paying a dividend of N0.25 per share.

LASACO Assurance

LASACO Assurance was incorporated on December 20, 1979, as Lagos State Assurance Company Limited. It obtained a licence as an insurer on July 7, 1980, and commenced business on August 1, 1980. It became a public limited liability company in 1991 when its shares were listed on the NSE.

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LASACO Assurance will be paying a dividend of N0.03 on Thursday, July 5, 2018. This is for the 2017 financial year.

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11 Plc (formerly Mobil Oil Plc)

11 Plc will be paying a dividend of N8 per share for the 2017 financial year.

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

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Companies

Africa’s largest telecoms firm, MTN, to divest from its Middle East operations

The MTN Group is in advanced talks to sell its stake in MTN Syria to the minority shareholder.

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MTN $2 billion tax case

Africa’s largest telecoms firm, the MTN Group, has announced its plans to exit the Middle East. This is part of the wireless carrier’s strategic plan to shift focus entirely to its home continent, Africa.

The mobile operator said that as part of its medium-term strategy, it will be leaving the Middle East, starting with the sales of its 75% stake in MTN Syria. Overly reduced revenue from war-torn Syria and the complex nature of the operating environment in the country are part of the reasons MTN is divesting.

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READ MORE: MTN seeking to sell stake in Jumia Technologies AG

MTN’s Chief Executive Officer, Rob Shuter, noted during a conference call with reporters, that “the Middle East environment is becoming increasingly complex and it contributes less to the group’s earnings.’’

Shuter disclosed that the disposals in the Middle East region will be done in a phased manner, with its 3 consolidated subsidiaries in Yemen, Afghanistan, and Syria earmarked to be sold first. These markets only contribute about 4% to the group’s earnings before interest, depreciation, taxation, and amortization.

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READ ALSO: Why MTN is being dragged to court by families of American soldiers 

The MTN Group is in advanced talks to sell its stake in MTN Syria to the minority shareholder, TeleInvest, who has 25% stake in the firm, according to the CEO. He believes that the telecoms firm is better served to focus on its Pan-African strategy and simplify its portfolio by leaving the Middle East region in an orderly manner.

In the medium term, the group will also dispose of its 49% stake in MTN Irancell, one of its largest markets.

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The South African firm plans to exit the entire portfolio in time, which will then leave it with 17 subsidiaries in Africa.

Just yesterday, Nairametrics reported about MTN’s plan to sell its stake in Jumia Technologies. MTN will also be divesting from telecommunications infrastructure firm, IHS Towers. The divestments from Jumia and IHS Towers were informed by the decision to raise funds in order to reduce MTN’s debts. It will also help the company to refocus its operations.

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Airtel and Telkom discontinue merger plans

The disclosure was made in a notification that was sent to the Nigerian Stock Exchange.

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Raghunath Mandava, MD and CEO of Airtel Africa, Airtel Africa receives NCC approval to acquire 10 MHz spectrum for $94 million

Telecoms giant Airtel Africa Plc and Telkom Kenya Ltd have decided to discontinue the completion of their merger plans due to the lengthy process of the transaction which has been on since February 2019.

The two telecom firms resolved not to complete the business combination despite their respective efforts to reach a successful closure and having it drag on for a while.

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The disclosure was made in a notification that was sent to the Nigerian Stock Exchange (NSE) by Airtel Africa and signed by its Group Company Secretary, Simon O’Hara, on Wednesday, August 5, 2020.

A subsidiary of Airtel Africa Plc, Airtel Networks Kenya Limited and Telkom Kenya Limited, in collaboration with other parties, had entered into an agreement on February 2019 to combine their businesses in Kenya, so as to create an integrated telecommunications platform with mobile, enterprise and wholesale divisions.

Airtel Africa Plc in its statement said, ‘’Airtel Networks Kenya Limited (Airtel Kenya), an Airtel Africa Plc subsidiary, and Telkom Kenya Limited (Telkom) amongst other parties, had entered into an agreement dated 8th February, 2019 to combine their businesses in Kenya, so as to create an integrated telecommunications platform with mobile, enterprise, and wholesale divisions.’’

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‘’The completion of the business combination was subject to the satisfaction of various conditions precedent, including regulatory approvals.

“Despite Airtel Africa Plc and Telkom respective endeavours to reach a successful closure, the transaction has gone through a very lengthy process which has led the parties to reconsider their stance. Accordingly, Airtel Africa Plc and Telkom have decided to no longer pursue completion of the Transaction.’’

In his own reaction, the Chief Executive Officer of Airtel Africa Plc, Raghunath Mandava, said that Kenya was a large and growing market and stressed on the commitment of Airtel Africa to build a growing profitable business.

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He disclosed that the telecoms giant currently serves over 14 million Kenyan customers, a number that is growing every month. He pointed out that the revenue numbers were up double-digit in constant currency in Kenya in the last quarter.

The Airtel boss reiterated the strategy of the firm is to focus on winning more customers, invest in a best in class voice and data network and progressively expand their mobile money business, will continue to build on these results in order to deliver against the opportunities the Kenyan market has to offer.

Airtel Africa is a leading provider of telecommunications and mobile money services with a presence in 14 countries in Africa primarily in East Africa and Central and West Africa.

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Austin Avuru retires as CEO of Seplat petroleum, to receive huge benefits

According to the notice, Avuru will be considered a “good leaver” on his retirement.

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Austin Avuru retires as CEO of Seplat petroleum, to receive huge benefits, Seplat to acquire more oil & gas assets after Eland's acquisition

Co-founder and Chief Executive Officer of Seplat Petroleum Development Company Plc, Austin Avuru has retired as CEO of the company, but will remain on the board as a Non-Executive Director.

According to a notice sent to the Nigerian Stock Exchange and signed by the company secretary Mrs Edith Onwuchekwa, the resignation took effect on July 31, 2020.

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READ MORE: Seplat denies swindling FG of N600 billion despite co-conspirator’s guilty plea

What this means

According to the notice, Avuru will be considered a “good leaver” on his retirement and receive his remuneration and benefits as such.

The Remuneration Committee has confirmed that Avuru will receive “a lump sum payment in lieu of notice equal to his salary, benefits, and pension allowance until November 18, 2020” as well as other security and travel benefits.

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He would also receive a loss of office payment equal to 12 months’ salary, as compensation and in accordance with the Nigerian market practice.

READ ALSO: Seplat’s Austin Avuru no longer has direct shares in company 

In line with the provisions of the Directors’ Remuneration Policy approved by shareholders of the Company at its 2018 AGM, he will also receive a pro-rata bonus (in cash) to reflect his time as CEO during the financial year, and same “will be provided in the Company’s Directors Remuneration Report for 2020 and subsequent years”.

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Seplat will also vest awards made in form of deferred shares in 2019 and 2020 at the normal vesting dates, and subject to the achievement of the relevant performance conditions, and Avuru will be subject to the post-employment shareholding requirement for two years.

The company management and board appreciated Avuru for his ‘excellent leadership’ in growing the company to become a notable player in the Nigerian and wider African hydrocarbon industry.

READ: Okomu Oil Palm ‘s profit declines by 43.22% as at Q3 2019  

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Backstory

On November 18 2019, Seplat Petroleum Development Company Plc announced that Mr Austin Avuru will be retiring as CEO at the end of July 2020.

This is in line with Avuru’s earlier plans to retire sometime around his 62nd birthday.

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