CSCS Slices Proposed 2021 FY Dividend by 36.8% to 74 Kobo

By Adedapo Adesanya

The board of Central Securities Clearing Systems (CSCS) Plc, has proposed the payment of 74 kobo as a final dividend to its shareholders for the 2021 financial year.

Business Post understands that the dividend indicates a 43 kobo or 36.8 per cent lower than the N1.17 dividend declared for the preceding fiscal year.

The cash payment proposal was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities on Monday.

The payment will be subject to the approval of shareholders at the Annual General Meeting (AGM) of the company scheduled for Friday, May 6.

According to the company, the annual meeting of shareholders will take place at the Civic Centre, Ozumba Mbadiwe Road, Victoria Island, Lagos, by 10 a.m.

If the dividend payment is approved at the gathering, investors of the company will be credited on the payment date, which was not disclosed in the notice.

However, the qualification date for the dividend is Thursday, April 28. This means only those who have the company’s shares in their portfolios as of this date will be eligible to receive the stipulated dividend payment.

The disclosure noted that the closure of the company’s register is on Friday, April 29.

At the close of trading at the NASD OTC bourse on Monday, Business Post gathered that the company’s stock appreciated by 71 kobo or 4.15 per cent to trade at N17.81 per unit compared with the previous N17.10 per unit.

CSCS Plc is Nigeria’s Central Securities Depository (CSD) licensed to carry on the depository, clearing and settlement of all transactions in the Nigerian Capital Market.

On May 16, 2012, CSCS Plc became a Public Liability Company (PLC) by a special resolution.