Zimbabwe’s largest telecommunication company, Econet Wireless yesterday announced a dividend amounting to $50 million for the nine months ended November 30, 2017.
Econet posted 17 percent growth in revenue to $353 million with profit amounting to $49 million in the six months to August 31, 2017.
Shareholders will receive their dividend in March and foreign shareholders payments will be subject to exchange control approval and payment guidelines for foreign remittances.
Local companies have struggled to repatriate dividends to shareholders outside the country due to a biting hard currency crunch.
As at June last year, the southern African country had a backlog of $75 million in dividends and proceeds from sales owed to foreign investors.
“Foreign shareholders should appoint or make their own arrangements with a local bank of their choice to receive dividend on their behalf and to facilitate remittance to them,” said company secretary Charles Banda in a notice.
Major shareholders of Econet are Econet Wireless Global, Stanbic Nominees and Econet Wireless Zimbabwe, with a shareholding of 30.02 percent, 17.23 percent and 13.19 percent, respectively. – The Source
(200 VIEWS)
At least four million people in Zimbabwe reported that they had gone without food on…
Four of the world’s largest banks are all in China. Assets of the Industrial and…
Zimbabwe is one of the 27 countries in the world where the richest 0.1% of…
Zimbabwe has been ranked third among the least free countries in Southern Africa but it…
I had always considered it a curse for a wife to die before her husband.…
This is a true story about the challenges and loneliness I faced when my wife…
