Airtel Africa sets dividend at N41.77/share, election deadline Nov 23
Airtel Africa fixed its interim dividend conversion at N1,347.44 per dollar, translating the 3.1 US cents per share to approximately N41.77 for Nigerian Exchange shareholders. The dividend pays December 11 to shareholders on the register by close of business November 13. The rate was set using October 30 exchange rates and filed with the NGX on Thursday.
NGX shareholders can elect US dollars instead of the default naira by submitting a Currency Election Form to Coronation Registrars before November 23. LSE shareholders default to dollars but can elect pounds sterling through Computershare. The last day to trade for dividend eligibility is November 12 on the NGX and November 11 on the LSE.
The conversion rate is 7.5% lower than last year's N1,456, meaning each dollar of dividend yields fewer naira. For comparison, the 2023 interim dividend used N858.24 per dollar. Airtel Africa raised the dollar dividend 9.2% year-on-year while half-year profit jumped 20.5% to $452 million.
The stock closed Thursday at N6,300, up 178% from January's N2,270, ranking ninth on the NGX for year-to-date gains. About 1.58 million shares traded between August and November, valued at N9.46 billion.
If you hold Airtel shares, will you take the naira at N41.77 or elect dollars before the November 23 deadline?