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May & Baker Nigeria proposes dividend payout of N517.5 million for FY 2022

Key Highlights

  • May & Baker Nigeria Plc has notified the Nigerian Stock Exchange and the investing public of the resolutions passed at its Board meeting.
  • One of these resolutions is the company’s proposed dividend payout of N517.5 million for its shareholders.
  • The payout is subject to necessary approval at the company’s upcoming Annual General Meeting.

The Board of Directors of May & Baker Nigeria Plc has proposed a dividend of N517.5 million for the financial year ending December 31, 2022.

This represents a dividend of 30 kobos per unit of 50 Kobo ordinary shares for its shareholders for the 2022 financial year.

This was contained in the cement firm’s corporate action announcement to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.

Subject to shareholders’ approval

According to the company, the dividend is subject to shareholders’ approval and appropriate withholding tax will be paid to shareholders whose names appear in the Register of Members as at the close of business on Tuesday, 16th May 2023.

According to the statement signed by the company, on 2nd June 2023, dividends will be paid electronically to shareholders whose names appear on the Register of Members as of 16th May 2023 and who have completed the e-dividend registration and mandated the Registrars to pay their dividends directly into their Bank accounts

Advice to shareholders

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on the website of the Registrars.

Shareholders with dividend warrants and share certificates that have remained unclaimed, or are yet to be presented for payment or returned for validation are also advised to complete the e-dividend registration or contact the Registrars

Unissued shares of the Company

The company noted that following compliance with the requirements of Section 124 of the Companies and Allied Matters Act 2020 and the Companies Regulations, 2021 regarding the unissued shares of the Company, a resolution will be proposed at the Annual General Meeting to alter the Memorandum and Articles of Association to reflect the new share capital of the Company as N862,617,443 divided into 1,725,234,886 ordinary shares of 50 kobo each.

What you should know

May & Baker Nigeria is listed on the Nigerian Stock Exchange (NGX) since November 10th, 1994. The drug firm is traded on the NGX under the ticker symbol “MAYBAKER”.  May & Baker Nigeria is currently with a market capitalization of N 7.94 billion.

The company closed its trading session on Friday, March 24, 2023, at N4.60 per share on the Nigerian Stock Exchange (NGX), recording a 2.2% gain over its previous closing price of N4.50. May & Baker began the year with a share price of N4.30 and has since gained 6.98% on price valuation.

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