MTN suspends dividend payment, postpones AGM

Mobile telecom giant, MTN Ghana, has announced the postponement of its 2020 Annual General Meeting scheduled for 13 May 2020.

At the same time, it has announced the suspension of the payment of dividend scheduled for 25 May 2020, until further notice.

The AGM is to bring the shareholders of the company to take critical decisions.

MTN has several tens of thousands of shareholders following its successful Initial Public Offer in 2018.

According to a statement from the company, the postponement has become necessary as a result of the COVID-19 pandemic, as well as the ensuing directives imposing restrictions on public gatherings, to curb the spread of the virus namely:

On March 15, 2020 President of the Republic of Ghana, Nana Addo Dankwa Akuffo-Addo announced a directive on public gatherings.

Also, the Ghana Stock Exchange Circular No 001/2020 dated March 16, 2020, reinforced the restrictions on public gatherings as set out in the March 15, 2020 directive.

“Consequently, payment of the Final Dividend for 2019, and the payment date of May 25, 2020, as published in the Scancom Plc. (MTN Ghana) Annual Results for the year ended 31 December 2019 (the “Annual Results”), are hereby also postponed until further notice”, the statement emphasised.

The statement added that “Kindly note that the Ex-dividend date of April 28, 2020, and the Qualifying date of April 30, 2020 published in the Annual Results remain unchanged”.

However, the Board of Directors of Scancom Plc. is assuring all Shareholders of Scancom Plc. that it continues to monitor the situation, and a new date and/or alternatives, will be communicated to Shareholders in due course.