WestProp Holdings Declares Dividend, Offers Scrip ...

WestProp Holdings Declares Dividend, Offers Scrip Option to Shareholders

Audrey Galawu

Assistant Editor

WestProp Holdings Limited has announced a dividend payout for the financial year ending December 31, 2023, offering shareholders the choice to receive their dividends in either cash or scrip.

According to a notice from the company’s board of directors, a dividend of 83.33 US cents per ordinary share has been approved, payable from the company's retained earnings. The scrip option, which allows shareholders to receive shares instead of cash, was approved at the Annual General Meeting on May 3, 2024. The scrip will be issued as 10 percent non-redeemable participating preference shares with a nominal value of US$5 per share, credited as fully paid.

The board emphasized that shareholders must choose between cash or scrip, as there is no partial selection option. The company has set aside US$25 million to fund the dividend payout.

The announcement date for the dividend is January 23, 2025, while the record date has been set for February 7, 2025. The last day to trade cum dividend is February 4, 2025, and the ex-dividend date follows on February 5, 2025. Election forms will be mailed out on February 10, 2025, and shareholders have until February 21, 2025, to make their election. The payment date for the dividend is scheduled for February 28, 2025.

The company advised that shareholders must update their mailing details with Corpserve Registrars (Pvt) Limited to receive full details of the scrip dividend offer, which will be dispatched by February 10, 2025.

WestProp further noted that any changes to these dates would be communicated via official channels and the media. Shareholders’ taxes will be deducted from gross dividends before payments are processed.

This dividend declaration reflects WestProp Holdings’ commitment to shareholder returns while offering an alternative investment option through the scrip distribution.