The Halyk Bank shareholders who have gathered at the Extraordinary General Shareholders’ Meeting yesterday decided to make dividend payments for 2019.
The volume of dividends is 17.08 tenge ($0,041) per share. All payouts should be made from retained net income for previous years starting from July 24.
The total number of voting stocks of the Halyk Bank of Kazakhstan is 9 861 399 226. The total number of shareholders who have participated in online voting is 9 475 073 466. All of them said yes.
On April 22, the board of directors had recommended avoiding payouts on common stocks due to the severe economic situation in the country. However, the board has changed its recommendation after the Kazakhstani economy became more stable and the bank showed good results in the first quarter. The board of directors of Halyk Bank suggests making payouts on common stocks by using retained net income for previous years.
Common stocks and GDR of the Joint Stock Company Halyk Savings Bank of Kazakhstan (or Halyk Bank) have declined by 6 to 12%. For example, GDR traded on LSE declined last week through July 23 from $12.10 to $10.60. GDR traded on AIX declined from $11.80 to $10.77 per share. Common stocks of Halyk Bank on KASE also declined from 129.15 to 115.62 tenge per share ($0.27).
According to experts interviewed by kursiv.kz, the situation is a result of the book closure date for shareholders.
“This situation is very common for book closure periods. Usually, the share price might decline in this time by the size of a dividend itself,” said Ms. Marzhan Melanich, head of the analytic department and a member of the board in Centras Securities.
Currently, the GDR of Halyk Bank is traded at about $11. The price of GDR on the AIX is still $10.77 per share. Common stocks of the bank on KASE have returned to Wednesday’s level of 115.05 tenge per share ($0,28).
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