Michael Joseph Doesn't Trust Safaricom Anymore

Michael Joseph, Safaricom CEO. He returned to the company after the death of Bob Collymore in July 1.

Safaricom’s founding Chief executive Michael Joseph has sold-off his shares in the company. Joseph had earlier sold half of his shares back in 2016.

In the annual report Safaricom said that Joseph sold all the shares he held in the company in the course of the Telco’s financial year to March 2019.

Joseph sold 1.17 million shares worth over KSh31 million going by the current Safaricom share price of Ksh27. As a result of the sale, Joseph will miss a total dividend of KSh1.87 per share proposed at the AGM held on August 30, 2018.

Safaricom in its annual report stated,” the total dividend comprises of a final dividend in respect of the year ended March 31, 2019, of KSh1.25 per share and a special dividend of KSh0.62 per share to be paid from retained earnings of the company as at 31 March 2019”

Vodafone Kenya, which has 40 percent shareholding, will get the lion’s share from the dividend payment followed by the Government of Kenya with a 35 percent stake in the Telco.

Via: Kenyan Bulletin