By ELIZABETH KIVUVA More by this AuthorStandard Chartered Bank (StanChart) Kenya has joined the list of firms cutting their dividend payout after it reduced its previous offer by 50 per cent, citing the need to maintain a strong capital ratio amid the uncertainty of the Covid-19 crisis. In a notice published on Friday, the lender proposed to cut its final dividend of Sh15 for every ordinary share to Sh7.50. It had previously announced the higher dividend for the year to December 31, 2019 after it reported a net profit of Sh8.2 billion. The lender has proposed one share for every 10 fully paid up ordinary shares to shareholders registered at the close of business on April 27. CAPITAL THRESHOLDEquity Group also cancelled its proposed dividend payout of Sh2.50 per share or Sh9.5 billion dividend payout to its shareholders.

Source: Daily Nation June 20, 2020 08:26 UTC