Business

Stanbic IBTC likely to issue 211.7 million shares option for interim cash dividend

117

By Ruth Olurounbi

Stanbic IBTC Holdings Plc could likely issue up to 211.7 million ordinary shares of 50 kobo each as scrip dividend shares if shareholders opt to receive their first-half interim dividend in shares, according to its board of directors.

Board of the holding company disclosed in a regulatory filing at the Nigerian Stock Exchange (NSE) that the reference price to be used for the conversion of the cash-to-scrip shares option would be N47.75 per share, implying a total of 211.7 million shares for the N10.11 billion cash dividend.

Audited report of a six-month period ended June 30, 2018 indicated that Stanbic IBTC Holdings’ gross earnings grew by 17 percent from N97.20 billion in first half 2017 to N114.21 billion in first half 2018, while profit after tax jumped by 79 percent to N43.08 billion in 2018 as against N24.11 billion recorded in 2017.

The holding company said mid August that it was offering an interim dividend of N10.11 billion for the first half of 2018, representing interim dividend per share of N1, a 66.7 percent above 60 kobo paid for half year 2017. It will be recalled that shareholders of holding company passed a resolution at its  its extraordinary general meeting in August 2016 which allows them to either receive dividends from the bank in cash or as new ordinary shares up to 2020.

According to the NSE filing, “the reference price to be used in determining any scrip dividend allotment shall be the volume weighted average price (VWAP) of the company’s shares on the NSE for the five business days commencing on the day the ordinary shares are first quoted ex-dividend,” under the conversion program. Accordingly, “where a shareholder elects to receive the whole or a part of his dividends by way of new ordinary shares, such scrip shares shall only be allotted after receipt of any required regulatory,” it said.

Leave a comment

Related Articles

Naira bullish gains restore confidence among investors, businesses – CBN Gov. Cardoso

The Governor of the Central Bank of Nigeria (CBN), Dr. Yemi Cardoso,...

Pres. Tinubu commends Dangote Group over new gantry price of diesel

President Bola Tinubu has applauded Dangote Oil and Gas Limited for reducing...

Industry and Trade Minister promises Nigerian Breweries, business community enabling environment

The Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, has reaffirmed...

Transcorp Power Plc grows topline by 57.03%, profit up by 75% in 2023 audited results

Transcorp Power Plc (Transcorp Power), one of the power subsidiaries of Nigeria’s...

UBA records impressive gross earnings rise of 143%, profit hits N757.7bn in financial year 2023

The United Bank for Africa (UBA) Plc has recorded a 143 per...

Breaking: Nigeria to get oil-backed $1bln Afreximbank loan in May

Nigeria is set to receive $1.05 billion from a syndicated loan backed...

Breaking: CBN sells $10,000 to BDCs at N1,101/$

The Central Bank of Nigeria (CBN) on Monday announced the sale of...

Premium Pension Ltd., industry leader, records impressive N1.134trn revenue growth in 2023

A leading pension fund administrator in Nigeria, Premium Pension Limited, has said...

Transcorp Group records robust growth in 2023, revenue up by 47.3%, profit-before-tax of 93.5% Transnational Corporation Plc

(“Transcorp” or the “Group”), Nigeria’s leading listed conglomerate, has announced its financial...

Updated: We raised interest rate to 24.75 percent to fight inflation – CBN

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN)...

Don’t sell dollar above N1,269, CBN orders Bureau de Change

As part of measures to strengthen the naira against the dollar, the...

Dangote set to disburse N15bln food items to 774 LGAs to cushion harsh economic conditions

Nigerian businessman and industrialist Alhaji Aliko Dangote says he has allocated N15...

Naira strengthens to N1400/$ at parallel market as speculators sell

The naira strengthened on Wednesday to close at N1400/$1 in the parallel...

Just In: Zenith Bank names Adaora Umeoji as its first female Group Managing Director

The Board Directors of Zenith Bank Plc has announced the appointment the...

Nigerian Business Community to FG: Use Ghana Trade Office to solve our problems

The Nigerian business community in Ghana has urged the federal government to...

Heirs Holdings tells story of transformational investment in Africa, launches its first-ever TV commercial

Heirs Holdings has launched its first-ever television commercial (TVC), showcasing the company’s...

Aig-Imoukhuede, co-founder, returns to Access Holdings as Chairman

Access Holdings PIc has announced the return of Mr. Aigboje Aig-Imoukhuede as...

CBN to sanction MfBs over late non-rendition of statutory monthly returns

The Central Bank of Nigeria (CBN) has directed all microfinance banks (MfBs)...

In a great leap forward, Heirs Holdings launches Heirs Technologies, set to lead Africa’s digital evolution

Heirs Holdings, a leading African investment company dedicated to improving lives and...

Transcorp Group announces listing of Transcorp Power Plc by introduction on Nigerian Exchange’s Main Board March 4

Transnational Corporation Plc (Transcorp Group) wishes to announce the listing of its...