Listed marketing firm WPP Scangroup has announced that it has completed the disposal of its shareholding in Kantar Business in Africa.
The company has sold 100% of its stake in Millward Brown East Africa Limited, Millward Brown Nigeria Limited and Millward Brown West Africa Limited.
In its disclosures made on Thursday, WPP Scangroup also announced that it has disposed all of its shareholding or 80% of the issued shares in Research and Marketing Group Investment Limited, a Mauritian holding company for Kantar TNS businesses in Kenya, Nigeria, Ivory Coast, Senegal, Ghana, Cameroon and the UK to Kantar Square Two B.V.
According to the company, the transaction was completed on 30 June 2020.
“The Board of WPP Scangroup will decide on the use of proceeds and the dividend to be recommended to shareholders, which the board expects to be at least 40% of the net proceeds, in line with the shareholders circular dated 30 April 2020. An announcement in this regard will be made immediately following the meeting,” the company said in a statement.
Scangroup had hinged payment of dividends for the Financial Year ended December 2019 to its shareholders on completion of the transaction which the company was hoping would be done before the end of 2020.
“The intent is to pay the special dividend before the end of 2020. This is assuming we deliver to all the conditions precedent and achieving completion of the transaction before the end of June 2020,” Scangroup said in a statement in May.
Consequently, the company plans to pay a special dividend of Ksh4.7 per share or an aggregate of Sh2 billion using the proceeds.