17 May 2017

Tanzania: CRDB Share Gains As Board Proposes Sh26bn Dividend

Dar es Salaam — Some 1,500 CRDB Bank shareholders will meet in Arusha at the weekend to endorse a Sh10 per share dividend proposed by the board.

The bank's share gained by Sh5 at the Dar es Salaam Stock Exchange (DSE) during the past two days to trade at Sh190.

The Sh10/share translates into a total dividend of Sh26 billion to be deducted from the bank's last year net profit of Sh75 billion, managing director Charles Kimei said here yesterday.

He said the management and other banking minds would explain in detail, the challenges that banks faced in 2016 and the way forward.

"Stakeholders need to hear from people who are well versed in banking issues. During the AGM [annual general meeting], we will also discuss the banking sector as a whole and not just CRDB," said Dr Kimei.

The AGM will be preceded by a seminar to equip shareholders with issues pertaining to ownership and stock market investment.

He said various topics would be presented at the seminar.

Forty-three per cent of CRDB's shares are owned by thousands of investors who own less than one per cent each.

During the AGM, shareholders will also elect a new board member to replace former Prime Minister Frederick Sumaye who is retiring.

CRDB Bank Plc was incorporated in 1996 and was listed on DSE on June 17 2009. It has established two wholly owned subsidiaries in Tanzania in 2007 in Burundi in 2012.

Tanzania

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