One of the largest food and beverage companies in Africa, Nestle Nigeria Plc, has announced the payment of a total ₦19.81 billion as interim dividend to its shareholders.
The company is expected to pay an Interim dividend of N25 per share will be paid for all the outstanding 792,656,252 ordinary shares of the company. This equals N19.18 billion.
This information is contained in a notification which was signed by the Company’s Secretary, Bode Ayeku, and sent to the Nigerian Stock Exchange today.
The notification partly reads:
“An Interim Dividend of N25.00 per 50 kobo ordinary share, subject to appropriate withholding tax will be to the shareholders whose names appear on the Register of Members as at the close of business on 20 November.”
What you should know
- The Interim dividend of N25 per share will be paid for all the outstanding 792,656,252 ordinary shares of the company owned by the shareholders of the leading telecommunications company. This gives a total interim dividend of ₦19,816,406,300.00, to be distributed to the shareholders of the company.
- To enable Greenwich Registrars & Data Solutions, Nestle’s Registrar, prepare for the payment of interim dividend, the Register of Shareholders will be closed from 23 – 27 November 2020.
- The interim dividend will be paid electronically to shareholders whose names appear on the Register of Members as of 20th November 2020, on or around 7th December, 2020.
- Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-dividend Mandate Activation Form, complete and submit to their respective banks.
- Shareholders with dividend warrants and share certificates that have remained unclaimed, are yet to be presented for payment, or returned for validation are advised to complete the e-dividend registration or contact the Registrars.
ValuAlliance distributes value fund of N10 per unit for H1, 2020
ValuAlliance Value Fund has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020.
ValuAlliance Value Fund (“Value Fund” or the “Fund”), formerly called the SIM Capital Alliance Value Fund, has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020.
This is according to a notification by the firm, sent to the Nigerian Stock Exchange market and seen by Nairametrics.
The latest distribution indicates a decline of N1/unit when compared to its distribution in the corresponding period last year.
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The key highlights of the recent notification include:
- Annual General Meeting Date: 21st December 2020
- AGM Venue: 33A Alfred Rewane (Kingsway) Road, Ikoyi, Lagos, Nigeria
- Proposed Distribution: ₦10/unit
- Qualification Date: 9th December 2020
- Closure of Register Date: 10th December 2020
- Payment Date: 23rd December 2020
What you should know
- The Value Fund is a closed-end Fund registered and regulated by the Securities and Exchange Commission (SEC), whose units are listed on the main board of the NSE.
- The Value Fund for the year ended June 30, 2020 achieved a growth of 2.83% Year-on-Year, with a cumulative return of 125.32% since inception, which translates to a 9-year Internal Rate of Return (IRR) of 12.06%.
Explore Data on the Nairametrics Research Website
PZ Cusson announces retirement of Chairman, Kola Jamodu
PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.
According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.
What you should know
Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.
He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.
He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.
Naira devaluation, FX scarcity caused increase in cost of goods – Nigerian Breweries
Nigerian Breweries has revealed that Naira devaluation, FX scarcity caused increase in the cost of its goods in 2020.
The Finance Director of Nigerian Breweries Plc, Rob Kleinjan, has revealed that the increase in the brewer’s costs of goods was due to the devaluation in naira and FX scarcity, which led to the increase in the cost of inputs such as sorghum and sugar, as they are not fully produced locally.
This disclosure was made during the Nigerian Breweries’ Fact Behind Figures results presentation today.
However, Kleinjan explained that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity, which exerts pressure on imported input materials.
He said the increase in Nigerian Breweries’ costs of goods sold, as reported in its unaudited financial results, could also be linked to the volume of goods sold, as the company’s sales volume in Q3 increased by almost the same percentage as the cost of goods sold.
However, Mr. Kleinijan reiterated that to mitigate further losses, it was important for the company to focus on the supply chain and seek ways to mitigate price increases.
What they are saying
The Managing Director of Nigerian Breweries, Mr. Jordi Borrut, while speaking at the virtual event said:
“In 2020, the results of Nigerian Breweries were adversely impacted by COVID, VAT increase, FX devaluation and scarcity of foreign exchange. The year started with a promising 1st quarter, which was heavily impacted in Q2. The Nigerian market, however, rebounded in Q3.”
Mr. Rob Kleinjan, while explaining the factors behind the increase in Nigerian Breweries’ cost of goods sold in the first nine months of 2020, said:
“It is also clear that the increase in cost is due to the devaluation and the FX scarcity which has put pressure on our input cost. If you look into the main elements we use, which are sorghum and sugar – they are not fully produced locally, so when the currency is devalued, the prices of these inputs will soar.
“That’s why it’s important that we are focused on the supply chain, and seek for ways we can mitigate any of the price increases, because the increase in cost comes from the input prices, which come from FX scarcity.”