Absa parent firm forgoes Sh1.2 billion in dividends
Tuesday, June 23, 2020 0:01
By VICTOR JUMA
Absa Bank Kenya Four Way branch in Nairobi.
FILE PHOTO | NMG
Absa Kenya #ticker:ABSA has kept Sh1.2 billion worth of dividends that it was to remit to its parent company this week, with the move aimed at boosting the lender’s capital position.
South Africa-based Absa Group waived its right to part of its dividend ahead of the Nairobi Securities Exchange-listed firm’s annual general meeting on Friday last week.
Absa Group is the only investor waiving part of its dividend, with minority shareholders in the Kenyan unit receiving their payout in full.
The multinational says it will not receive additional shares in Absa Kenya as a result of the dividend loss.
