Stanbic Bank
Stanbic Uganda holdings Limited, the holding company of Stanbic bank,
Stanbic Properties limited and Stanbic Business Incubator, has reversed
its July resolution and announced that it will in April pay out the
final dividend of Shs110b to its shareholders for the period ended
December 31, 2019.
In a notice issued and signed by Mr Andrew
Mashanda, chief executive officer, Stanbic Uganda holdings limited, the
company announced that it had received regulatory approval for the
dividend payout.
“Stanbic Uganda holdings company limited informs
its shareholders that it will pay the final dividend for the financial
year ended December 31, 2019, following receipt of regulatory
approvals,” the notice by Mr Mashanda read in part.
The decision to pay the final dividend, the notice reveals, was reached at by the board on December 29, 2020.
The
dividend of Shs110b reflective of Shs2.15 per share, will be paid by
April 2, 2020 to shareholders on the register by January 21st 2021.
Mr Mashanda said the resolution will be presented to the shareholders for ratification at the next annual general meeting.
All efforts to reach Stanbic for a comment were futile by press time.
Stanbic
had in July withheld payment of dividends after the Central Bank
directive to Supervised Financial Institutions (SFIs) to defer
discretionary payments which included dividends, unless authorised,
owing to the Covid-19 pandemic.
In an April circular signed by
Dr Tumubweine Twinemanzi, the Bank of Uganda (BoU) executive director
for supervision, the Central Bank directed supervised financial
institutions to defer the payment of dividends and bonuses until further
notice.
“Capital reservation to support the real economy and
absorbed losses should take priority over discretionary distributions
like dividend [and] bonus payments. Therefore, all payments of
discretionary distributions is deferred until further notice or until
explicit authorisation is given by Bank of Uganda,” the circular said
then.
In September, the Central Bank revealed that banks held back at
least Shs436.3b in dividend and bonus payout for the period ended June
2020.
editorial@ug.nationmedia.com
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