MTN Nigeria stock jumps after listing

MTN stocks
make a splash  

Company a hit on
Nigeria's local bourse.

ITWeb Africa

Monday, May 20th

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.

ALSO ON ITWEB AFRICA

30,000 Google Africa Certifications Scholarships for 2019 Published on 15 April 2019

Company confirms applications are open for next round.

Kymeta Announces Partnership with Türksat to Bring Land and Sea Connectivity to Europe, Middle East and Africa Published on 09 May 2019

Kymeta to provide mobile connectivity solutions to the sole satellite operator in Turkey

Elingo backs true cloud disruption across Africa Published on 17 May 2019

Elingo, a Gold Partner of Genesys in Africa, will be in Kenya during the week of 20 May to engage with the East African country's rapidly developing market.