KCB Group Shareholders Approve KSh11.1Bn Dividend Payout for 2019

KCB Group Shareholders Approve KSh11.1Bn Dividend Payout for 2019

KCB CEO Joshua Oigara.

  • KPMG Kenya replaced with PricewaterhouseCoopers (PwC) as the external auditor

KCB Group shareholders Thursday approved KSh2.50 dividend per ordinary share as recommended by the board at its 49th Annual General Meeting.

This means KCB Group, Kenya’s biggest lender by assets, will be paying  KSh11.1 billion total dividends to its shareholders.

“That the interim dividend of KSh 1.00 per ordinary share paid on 15 November 2019 is confirmed and that the final dividend of Ksh 2.50 per ordinary share, payable, net of withholding tax, on or before 3 July 2020 to shareholders on the Register of Members at the close of business on 27 April 2020 is approved,” said the Board of Directors.

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The shareholders also re-elected their directors who offered themselves for re-election: Ms. Georgina Malombe, Mr. Andrew Wambari Kairu and Mr Lawrence Mark Njiru and the appointment of Ms Anne Erickson as Director.

Further, they replaced KPMG Kenya with PricewaterhouseCoopers (PwC) as its external auditor.

Shareholders participated by virtual means.

Other firms that are set to hold their AGMs this month include Kenya Airways, British American Tobacco, Stanbic Bank Kenya, Diamond Trust Bank, Old Mutual and Total Kenya Plc.

Holding virtual meetings follows a High Court ruling in Nairobi, that allowed listed firms to hold AGMs virtually after issuing the statutory 14-day notice to shareholders on the intended meetings. 

However, firms will have to obtain a no-objection certificate from the Capital Markets Authority (CMA).

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