East Africa’s largest insurer, Jubilee Holdings Limited received shareholders’ approval to issue a total dividend of KES 8.50 per share, for the 65 million issued shares, equating to a total of KES 560 million in dividends payout that Jubilee Holdings will make following its performance in 2016.
Shareholders, who attended the 2017 Annual General Meeting (AGM), also approved a bonus issue of 1 share for every 10 shares held to create a total of 6,588,460 million shares.
This represents a value of over KES 3 billion at the current market price per share of KES 460.
Speaking at the AGM, JHL SGroup Chairman, Nizar Juma, said the dividend payout and bonus share issue reflected Jubilee’s continued growth and consistent financial performance over many years that are a testament to the firm’s 80-year legacy that has made it the region’s leading insurance group.
“Our share performance in the last two years during a very bearish market, reflect the confidence investors have in our company and further proves that Jubilee’s long-term strategic plan remains on course,” he said.
The 2016 final dividend continues a 33-year track-record of Jubilee Holdings which, since listing in 1984, has always declared dividends and has never declared a dividend lower than the previous year!
Their strategy has included diversification into investments into assets in the energy sector, such as Tsavo power, Bujagali energy and SEACOM Submarine fiber optic cable that provide returns in dollar terms.