COVID-19: MTN announces suspension of payment of dividends; postpones AGM
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COVID-19: MTN announces suspension of payment of dividends; postpones AGM

- MTN Ghana has announced a suspension of the payment of dividends until further notice

- It has also suspended its planned Annual General Meeting which was scheduled for Wednesday, May 13, 2020

- The company took the decision due to the ban on public gatherings as a result of the outbreak of COVID-19

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Mobile telecommunications company, MTN Ghana, has announced a suspension of the payment of dividends to shareholders, which was scheduled for Monday, May 25, 2020.

The company also revealed that it has postponed its Annual General Meeting (AGM), which was scheduled for Wednesday, May 13, 2020.

YEN.com.gh understands that the company has tens of thousands of shareholders due to its Initial Public Offering in 2018.

READ ALSO: MTN's 2020 Q1 profit shots up to GHC349 million

Per a report by classfmonline.com, the decision was reached as a result of the continuous spread of the coronavirus.

Again, public gatherings were prohibited by President Akufo-Addo, on Sunday, March 15, 2020, in a bid to curb the spread of the virus.

On the following day, the Ghana Stock Exchange Circular No 001/2020, dated March 16, 2020, reinforced the restrictions on public gatherings.

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

The Board of Directors of the company has assured all shareholders that it would continue to monitor the situation, and a new date and/or alternatives will be communicated to shareholders in due course.

In other news, YEN.com.gh reported that MTN Ghana recorded a profit of GHC1 billion for the year 2019.

The profit level is 33.56% higher as compared to GHC754.67 million recorded for the year 2018.

The company also made a total revenue of GHC5.18 billion for the same period which is an increase from GHC4.2 billion a year earlier, representing a 22.82% increase.

READ ALSO: MTN CEO reveals why it is hard to reduce the cost of data

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Source: Yen

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