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Dividends

BUA Cement proposes N70 billion as dividend for 2020

BUA Cement Plc to pay shareholders a dividend of N2.067 per share.

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The Board of BUA Cement Plc, Nigeria’s second-largest cement manufacturer, has announced the payment of N70 billion as the dividend for the period ended 31st December 2020.

According to the announcement published by the company on the website of the Nigerian Stock Exchange, BUA Cement is expected to pay a dividend of N2.067 per share for all the outstanding 33,864,354,060 ordinary shares of the company.

This brings the total dividend payout to qualifying shareholders to N69.998 billion.

The final dividend, however, will be paid electronically to shareholders on the 9th of July, 2021, subject to appropriate withholding tax and approval at the Company’s Annual General Meeting.

READ: Fidson proposes N522 million dividend for 2020

Conditions to qualify for the dividend

  • Only shareholders whose names appear in the Register of Members at the close of business on Friday, 9th of July 2021 will be considered.
  • Qualifying shareholders must have completed the e-dividend registration and must have mandated the Registrar (Africa Prudential) to pay their dividends directly into their bank accounts.
  • For the purpose of the dividend payment, the Register of Shareholders will be closed from 12th July 2021 to 16th July 2021, to enable the registrar to process shareholders’ dividends.

READ: Aliko Dangote to earn N234 billion as dividend from his cement business

What you should know

  • The dividend proposed by the board of BUA Cement for the year 2020 is 18.11% higher than the dividend of N59.26 billion the company paid to shareholders last year.
  • With the market value of BUA Cement shares put at N73.5 per share, the cement maker’s dividend yield is pegged at 2.81%. The company’s market capitalization at the close of the market today is put at N2.489 trillion.

BUA Cement Plc declared in its audited financial statement for 2020, that its profits grew by 19.4% year-on-year to N72.34 billion for the financial year of 2020, compared to last year’s figure of N60.34 billion.

The double-digit growth in profit was a testament to the cement maker’s focus on efficiency, excellent cost optimization strategies, newer technologically advanced plants, and lastly the strong growth in revenue which was driven by the rising demand for cement.

SSKOHN

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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Dividends

Linkage Assurance Plc proposes N500 million as final dividend for 2020, bonus issue on existing shares

In addition to the payment of the cash dividend of 5 kobo per share, shareholders will also be issued a bonus of 2 new shares for every 5 existing shares held in the company.

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linkage assurance

The Board of Linkage Assurance Plc has proposed a final dividend of N500 million and a bonus issue to existing shareholders of the company for the period ended 31st December 2020.

The company’s Board made this announcement in a notification published on the website of the Nigerian Exchange Group Plc (NGX), stating that a dividend of 5 kobo per share will be paid on all the issued 9,999,999,994 ordinary shares of the company.

In addition to the payment of the cash dividend of 5 kobo per share, shareholders will also be issued a bonus of 2 (two) new shares for every 5 (five) existing shares held in the company, amounting to N2 billion.

READ: Linkage Assurance set to raise capital to N15 billion  

Qualifying conditions

The following conditions must be met by shareholders, to benefit from the recent bonus issue and dividend:

  • Only shareholders, whose names appear in the Register of Members at the close of business on the 30th of April, 2021 will be considered.
  • Shareholders must have completed the e-dividend registration and must have mandated the Registrar (Centurion Registrars) to pay their dividends directly into their bank accounts.
  • For the purpose of the dividend payment, the Register of Shareholders will be closed from 3rd to 10th of May, 2021.

Sequel to the aforementioned points, the dividend will be electronically paid to qualified shareholders on the 26th of May, 2021.

READ: UBA proposes N11.97 billion as final dividend for shareholders in 2020

What you should know

  • Linkage Assurance Plc had earlier declared a profit after tax of N2.4 billion in FY 2020, and consequently proposed a final dividend of 5 kobo per share.
  • It is pertinent to note that the firm did not declare any cash dividend last year. However, it announced a bonus issue of 1 (one) share for every 4 (four) shares held by existing shareholders, amounting to N1 billion in the same period.
  • Therefore, the recent bonus issue is 50% higher than what was declared in the preceding year.
  • Linkage Assurance shares is currently trading at 80 kobo at the time of writing this report.

To read related contents and for more insights, visit: https://stocks.nairametrics.com/

SSKOHN
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Dividends

SEC accuse CMOs of frustrating e-dividend mandate process

The DG of SEC revealed that 4.01 million accounts still have incomplete KYC information as of April 8 despite the government’s efforts.

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Unclaimed dividends: SEC wades in, reduces processing time to 1 week for beneficiaries

The Securities and Exchange Commission (SEC) has faulted the activities of some Capital Market Operators (CMOs) which frustrates the e-dividend mandate process, leading to a rise in unclaimed dividends in the capital market.

This is as the unclaimed dividends in the capital market were estimated to have risen to over N200 billion.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Director-General of SEC, Lamido Yuguda, while speaking at the 2021 first post-Capital Market Committee (CMC) virtual news conference.

READ: Why SEC should support democratization of sale of foreign securities

What the Director-General of SEC is saying

Yuguda, in his statement, said that the commission was aware that some CMOs were frustrating the e-dividend mandate process.

He said, “We implore all stakeholders to comply with all directives of the Commission in this regard, as defaulters would be sanctioned appropriately. We have observed that the growth in the number of mandated accounts has been on the decline for some time.

The capital market community has directed its e-Dividend Committee to engage with the Committee of Heads of Banking Operations to encourage better cooperation from banks as we tackle the challenges of unclaimed dividends.’’

READ: Shareholders move against FG’s establishment of unclaimed dividend trust fund

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The SEC boss reminded all CMOs that the commission’s directive on the update of investors’ Know Your Customer information was still in effect noting that the level of compliance had been low in spite of several engagements by the commission.

SSKOHN

Yuguda revealed that 4.01 million accounts still have incomplete KYC information as of April 8 despite the government’s efforts.

He said, “Despite several engagements, we realised that as of April 8, there were still 4,012,311 accounts with incomplete KYC information. This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority.’’

READ: SEC adjusts operations, introduces e-filing, other measures

In case you missed it

  • SEC had earlier urged all Capital Market Operators (CMOs) to update their investors’ Know Your Customer information due to the low level of compliance.
  • The CMOs were also warned by SEC to stop providing any form of support to unregistered entities operating unlawfully in the country within the capital market as that would not be condoned.

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