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StanChart to List More Shares at NSE

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Standard Chartered Bank is planning to list more shares at the Nairobi Securities Exchange (NSE) worth Ksh177.7 million following approval by shareholders, the lender said on Tuesday.

In a statement, StanChart also revealed that shareholders had approved a final Ksh7.50 final dividend during the bank’s virtual Annual General Meeting (AGM) on Friday last week, the final dividend is half of what was originally mooted.

The decision to slash the dividend was reached by the board in June following a slowdown in business ocassioned by the COVID-19 Pandemic.

The final dividend amounting to Ksh84.6 million was paid out on July 24.

StanChart had paid out an interim dividend of Ksh5.00 in October 2019 on each ordinary share of Ksh5.00.

The shareholders also approved an amendment to the company’s Articles of Association in the wake of the COVID-19 Pandemic to allow shareholders to attend AGM’s virtually at different locations and virtual AGMs deemed procedural if quorum is met.

“Members may if they think fit, or if the directors notify them that such is the manner in which any particular meeting will be held confer or hold a meeting by radio, telephone, closed circuit television, video conferencing or other electronic means shall be deemed to have been held at the registered office of the company,” read the statement.

Conversely, Imtiaz Khan, Catherine Adeya Weya, Kellen Kariuki, David Ong’olo and Peter Gitau were also re-elected as directors after offering themselves for reelection.

Seed Funding

In June, the bank announced Ksh 1million seed funding for five businesses following successful completion of the third cohort of a tech incubation program launched in 2017 by the bank in partnership with iLab Africa – a division of Strathmore University.

The companies; Bena Care which provides home nursing services to people with life-limiting illnesses across the country, Arbres Biotech – a company that focuses on technology transfer and capacity building in the agricultural sector and Nature’s Touch which manufactures nature-based skincare products.

Soul Food Enterprises which serves Swahili cuisines only and Taste Afrique which manufactures, distributes, and sells natural food seasoning products and mixed spices also received the funding as well.

The five winners were selected from a group of 180 companies which competed for the top prize.

See Also>>>> StanChart Extends Sh650m Financing to Essential Services Providers

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