Telecommunications giant Econet Wireless Zimbabwe has declared a dividend of 0.772c per share amounting to $20 million for the quarter ended May 31, 2018. The shares will trade cum-dividend till July 31 while the shares will trade ex-dividend to August 1, 2018. The record date has been set for August 3 and shareholders will be receiving their dividend on or about August 7, 2018.
Shareholders in Econet Wireless will receive a US$20 million quarterly dividend as the company, like many others, is forced to utilize funds on their books amid continued challenges with currency and foreign exchange.
Zimbabwe’s bond notes and electronic funds are fast losing ground against the United States Dollar and the South African Rand.
State-controlled MNOs NetOne and Telecel have lost subscribers, while Econet has been forced to use funds it is holding and other companies have opted to re-invest in Zimbabwe via the stock exchange or into operations.
In a dividend declaration notice issued yesterday, Econet’s secretary, Mr Charles Banda, said payments to foreign shareholders will be subject to exchange control approval and payment guidelines for foreign remittances.
“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 remittances to them,” Mr Banda said.
In an effort to provide an expedient and convenient service, Mr Banda said they will continue “to pay dividends through EcoCash to shareholders who have opted for this payment mode.” He encouraged non-corporate shareholders to provide their EcoCash details to the company’s transfer secretaries.
In March this year, Econet Wireless declared a total $50 million dividend for the nine months ended November, 30, 2017 which was equivalent to $1, 9 cents per share.
