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By Omodele Adigun
Stanbic IBTC Holdings Plc has approved the payment of 360 kobo per share of 50 kobo as dividend to its shareholders as recommended by its Board of Directors. The shareholders were further allotted one bonus share for every six ordinary shares held.
Announcing the resolution at its just-concluded Annual General Meeting (AGM), Mr. Chidi Okezie, Company Secretary and Head, Country Legal Services said:
“Pursuant to Section 430, sub-section 2 and 3 of the Companies and Allied Matters Act 2020, and following a recommendation by the Board of Directors of the company, the sum of N925,499,797.50 is set aside out of the company’s general reserves, be capitalised, and the same be applied in paying in full for 1,850,999,595 ordinary shares of 50 kobo each, in the capital of the company, and such ordinary shares be allotted and credited as fully paid up, and issued to shareholders who are on the register of members as at close of business on Thursday, 10 June 2021, in the proportion of one (1) new ordinary share for every six (6) existing ordinary shares held by them in the capital of the company as at close of business 10 June 2021 . The shares so distributed will rank at the same rate with existing ordinary shares, subject to receipt of all required regulatory approvals.”
Mr. Tunde Bamidele, a shareholder, appreciated the Board and Management of Stanbic IBTC for the steadfastness, hard work and dedication, which resulted in the N83 billion profit after tax for the 2020 financial year, and culminated in the 360 kobo dividend and allotment of bonus shares.
He said: “I would like to express my gratitude to the Board of Directors, Management and members of Staff of Stanbic IBTC for a job well done. Despite the COVID-19 pandemic, the company declared a dividend of 360 kobo which is very impressive compared to other players in the financial industry. I would also like to thank you for giving us a bonus share for every six shares held. Indeed, the bonus dividend is robust.”
Mr. Kunle Adedeji, Ms. Ngozi Edozien and Ms. Salamatu Suleiman were re-appointed as Directors, and Ms. Sola David-Borha, was appointed Non-Executive Director.
