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OK-Zimbabwe to pay dividends next month

Listed retail giant, OK-Zimbabwe, which runs a chain of supermarkets across the country will next month be paying dividends to its shareholders.

A dividend is the distribution of a portion of the company’s earnings, decided and managed by the company’s board of directors and paid to a class of its shareholders.

OK-Zimbabwe’s dividend declaration comes at a time when a number of other Zimbabwe Stock Exchange-listed companies have deferred payments of the same citing operational environment uncertainty, exacerbated by the advent of COVID-19, which has disrupted business operations across the globe.

On June 8, the company’s board of directors declared a final dividend (number 27) of 9ZWL cents per share payable in respect of the qualifying ordinary shares of the company, to be paid out of the profits for the current financial year.

“The estimated consolidated profit before taxation of the group for the year, based on management accounts is ZWL$788.6 million,” said the group company secretary, Margaret Munyuru, in a recently issued notice to shareholders.

“The dividend will be payable on or about the 3rd of July 2020 to shareholders in the group’s register at the close of business on the 26th of June 2020. The applicable shareholders’ tax will be deducted from the gross dividends.”

Disbursements to foreign shareholders, Munyuru said, was subject to Exchange Control Approval and payment guidelines for such payments.

She added that the dividends would be paid by direct transfers or other approved forms.

“Shareholders are encouraged to update their payment details through our offices or our Transfer Secretaries, Corpserve, 2nd Floor, ZB Centre, Kwame Nkrumah Avenue, P. O. Box 2208, Harare, Zimbabwe,” said Munyuru.

Last month, Munyuru said to minimise the impact of the lockdown OK-Zimbabwe Engaged suppliers of products to make sure there was continuing supply of merchandise for trading in the stores and suspended new projects on the capital expenditure programme concentrating only on completing work that was already under way.

The retail giant also deferred launch of the company’s flagship promotion, the OK Grand Challenge annual promotion that runs from April to June, and implemented other measures.

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