This archive report was first published on 6 July 2020.
On Monday, WPP Scangroup announced an interim dividend of Sh8 per ordinary share, subject to withholding tax, following the completion of the company's sale of its Kantar business in Africa.
The dividend will be payable to shareholders by the close of business on July 28, 2020.
According to Company Secretary Reuben Mwangi, the board of WPP Scangroup is pleased to announce the declaration and payment of a special interim dividend of Ksh8.00 for every ordinary share of Ksh1.00 held, subject to withholding tax where applicable.
"The dividend declared will be paid within 30 days from the closing date of the register," Mwangi further stated.
WPP Scangroup had been awaiting the disposal of some of its Kantar Africa assets, which was completed last week.
The company sold 100% of its stake in Millward Brown East Africa Limited, Millward Brown Nigeria Limited, and Millward Brown West Africa Limited.
Additionally, WPP Scangroup disposed of all its shareholding or 80% of the issued shares in Research and Marketing Group Investment Limited, a Mauritian holding company for Kantar TNS businesses in Kenya, Nigeria, Ivory Coast, Senegal, Ghana, Cameroon, and the UK to Kantar Square Two B.V.
The transaction was completed on June 30, 2020.
As per the company's statement, the Board of WPP Scangroup will decide on the use of proceeds and the dividend to be recommended to shareholders, which the board expects to be at least 40% of the net proceeds, in line with the shareholders circular dated April 30, 2020.
WPP Scangroup had previously stated its intent to pay the special dividend before the end of 2020, assuming the completion of the transaction before the end of June 2020.
