Okomu Oil Palm Company Plc has declared a dividend of N3.00 per 50 kobo ordinary share for the period ended Monday, December 31, 2018.
The dividend payment is subject to appropriate withholding tax and approval, after which it will be paid to shareholders whose names appear in the Register of Members at the close of business on Monday, May 13, 2019.
Details you should know
The dividends will be electronically paid on Thursday, June 20, 2019, to shareholders whose names appear on the Register of Members as at the closing date. Qualifying members must also have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their bank accounts.
Note that the Register of Shareholders will be closed from Tuesday, May 14, to Friday May 17, 2019. The Qualification Date has been slated to hold on Monday, May 13, 2019.
A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.
Distribution to shareholders may be in cash (usually a deposit into a bank account) or the issuance of further shares, otherwise known as shares repurchase. But this is usually if the company has a dividend reinvestment plan.
In other words, a dividend is allocated as a fixed amount per share with shareholders receiving a dividend in proportion to their shareholding. For the joint-stock company, paying dividends is not an expense; rather, it is the division of after-tax profits among shareholders.
About Okomu Oil Palm Company Plc
The Okomu Oil Palm Company Plc was established in 1976 as a Federal Government pilot project aimed at rehabilitating oil palm production in Nigeria.
In 1990, the Technical Committee on Privatisation and Commercialisation (TCPC) privatised the company on behalf of the Federal Government of Nigeria.
The company’s share price is currently trading at N80 on the Nigerian Stock Exchange, NSE.