By Dipo Olowookere
The prices of shares of MTN Nigeria and Flour Mills of Nigeria were adjusted on Monday by the Nigerian Stock Exchange (NSE).
The reason for the decision was to reflect the interim dividend proposed by the board of MTN Nigeria and the final dividend of Flour Mills.
Last month, the telco announced its intention to pay shareholders of the company an interim dividend of N3.50 for each of the firm’s stock in their possession.
The cash reward for the half-year ended June 30, 2020, according to MTN Nigeria, is for only investors whose names appeared in the register of members as at the close of business on Friday, August 14, 2020.
Last Friday, the share price of the company at the stock exchange closed at N119 per unit and after the deduction of the N3.50 interim dividend value, it was adjusted to N115.50 on Monday morning.
On Monday, August 24, 2020, shareholders of MTN Nigeria will be expecting their bank accounts to be credited with the cash reward.
For Flour Mills, the board released the firm’s financial statements for the year ended March 31, 2020, on Monday, August 3, 2020.
When it released the performance of the company for the accounting year, the board proposed the payment of a final dividend of N1.40 for each of their company’s stocks in their portfolio, higher than the N1.20 per unit paid in the previous year.
It was then stated that beneficiaries will only be those whose names appear on the register of members as at the close of business on Friday, August 14, 2020, while the payment date would be on Monday, September 14, 2020.
Last Friday, the qualification date, the share price of Flour Mills ended N19.70 per unit and on Monday, August 17, 2020, the NSE adjusted it to N18.30 to reflect the removal of the final dividend from the share price.
Confirming this development, the NSE, in a notice to the market, stated that, “The equity prices of MTN Nigeria Plc and Flour Mills Nigeria Plc were adjusted today, August 17, 2020, for a dividend of N3.5k and N1.40k as recommended by their board of directors.
“The last close prices were N119 and N19.7, while the ex-div prices are N115.5 and N18.3.”
