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Business News of Monday, 2 March 2020

Source: www.mynigeria.com

UBA declares 80 kobo per share dividend

UBA Plc UBA Plc

United Bank for Africa Plc has declared a final dividend of N0.80 for every ordinary share of 50 kobo each. It is subject to applicable withholding tax and shareholder approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on Friday, March 13, 2020.

The dividend will on Friday, March 27, 2020, be paid electronically to shareholders whose names appear on the Register of Members as at Friday, March 27, 2020, and to those who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

While the Register of Shareholders will be closed on Monday, March 16, 2020, Qualification Date has been scheduled for Friday, March 13, 2020.

A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.

Distribution to shareholders may be in cash (usually a deposit into their bank accounts) or the issuance of further shares, otherwise known as shares repurchase. But this is usually done if the company has a dividend reinvestment plan.

Recall that lender recorded a 13.3% profit increase in its audited full-year 2019 financial statement.