StanChart Shareholders Approve Listing of Additional Shares on NSE

StanChart Record 30.4% Profit Decline on Covid-19 Loan Defaults

Stanchart CEO Kariuki Ngari I Courtesy

Standard Chartered ( StanChart ) Bank Kenya Limited is set to list additional shares on the Nairobi Securities Exchange (NSE) following shareholders’ approval during its Annual General Meeting. 

The lender in a special resolution said it will list Kshs 171,755,285, “being part of the money now standing to the credit of the retained earnings account of the Company be capitalized…,” reads part of the resolution.

However, the resolution requires the approval of the Capital Markets Authority (CMA) and the NSE.

Bonus Share Issue

Shareholders approved the payment of a final dividend of Ksh 7.50 half of what had been initially proposed to maintain a strong capital ratio amid the uncertainty of the Covid-19 pandemic.

Following the approval during the virtual general meeting held on July 24, shareholders will also receive a bonus share totaling  KSh 84,690,411 to be paid on or after 24th July 2020.

Standard Chartered proposed one share for every 10 fully paid-up ordinary shares to shareholders registered at the close of business on April 27.

“…for 34,351,057 ordinary shares of Kshs. 5.00 each in the capital of the Company and that such ordinary shares to be distributed as fully paid among the persons who were registered as holders of the ordinary shares in the capital of the Company…”