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Econet to pay out US$20 million quarterly dividend

Econet to pay out US million quarterly dividend

Shareholders in Econet Wireless will receive a US$20 million quarterly dividend as the company, like many others, is forced to utilise funds on their books amid continued challenges with currency and foreign exchange.

Zimbabwe's bond notes and electronic funds are fast losing ground against the United States Dollar and the South African Rand.

State-controlled MNOs NetOne and Telecel have lost subscribers, while Econet has been forced to use funds it is holding and other companies have opted to re-invest in Zimbabwe via the stock exchange or into operations.

"The company (Econet) has declared a dividend of 0.77 cents per share amounting to $20 million for the first quarter ended 31 May 2018," said Charles Banda, company secretary for Econet on Thursday.

The dividend will be paid out on 7 August and will be levied a 10% withholding tax "where applicable" added Banda.

Companies in Zimbabwe continue to face challenges in remitting dividends to foreign shareholders and Econet said "payments to foreign shareholders will be subject to exchange control approval and payment guidelines".

"Foreign shareholders should appoint or make their own arrangements with a local bank of their choice to receive dividend on their behalf and to facilitate remittance to them," read a statement issued by the company.

Local Econet shareholders can receive their dividend through the EcoCash mobile money service.

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