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Carbacid shareholders to get dividends

By | October 24th 2009 at 00:00:00 GMT +0300

By Jackson Okoth

Shareholders of Carbacid Investments Limited could walk away with the most lucrative dividend payment this financial year.

This is after directors of the company proposed a special dividend of Sh5 a share for the financial year ended July 31.

This is in addition to a final dividend of Sh5 a share. In total, shareholders will be paid Sh15 a share, including an interim dividend of Sh5 a share, when the company’s directors meet for Annual General Meeting later on in December 10.

Special dividends are declared after exceptionally strong company earnings to distribute profits directly to shareholders.

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The directors are proposing this special dividend after impressive results and deals made during this financial year.

The company recorded a pre-tax profit of Sh367 million for year ended July 31, up from Sh241 million posted last year.

In May, Carbacid sold part of its stake to Centum Investments, a private equity firm. Centum bought 2.5 million shares in Carbacid Investment from Alliance Nominees, a holding company owned by politician Kenneth Matiba.

Carbacid shareholders are considered to have lost significantly after the company was suspended from trading at the Nairobi Stock Exchange in 2005.

This is after the Capital Markets Authority opposed takeover deal by industrial gas supplier BOC Kenya Limited.

As a result, shareholders are considered to have missed the bull run at the Nairobi Stock Exchange between 2005 and 2007.

Last week, BOC withdrew its offer for Carbacid Investments. BOC’s takeover bid was to acquire 10.6 million shares in Carbacid, which would have brought its shareholding to 94 per cent.

Carbacid Investments Limited shareholders Carbacid NSE CMA
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