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HomenewsMoi Family Makes KSh54.4 Million Dividends From StanChart Bank

Moi Family Makes KSh54.4 Million Dividends From StanChart Bank

The late former President Daniel Arap Moi’s family is set to receive KSh 54.4 million in dividends from Standard Chartered Bank of Kenya.

The vast Moi family will receive dividends from their stake at the financial institution on May 25.

The bank which is led by Kariuki Ngari is also set to reward its shareholders after recording impressive results in 2021.

Shawmut Limited which is owned by Moi family owns approximately 3,891,974 ordinary shares of the commercial bank.

As of April 2022, Moi’s family stake at Standard Chartered was valued at KSh499.1 million.

The dividend will be paid from the group’s retained earnings of KSh33.3 billion as part of the KSh 5.37 billion cash distribution approved by the board of directors.

Also Read: AfDB Withdraws Funding For Power Plant After Moi Family Buys Back Stake

Standard Chartered Kenya is a subsidiary of the British multinational financial conglomerate headquartered in London, United Kingdom, known as Standard Chartered.

As of December 2013, the bank’s total assets were valued at about KSh220.39 billion, with shareholders’ equity of about KSh 36.2 billion.

At that time, Standard Chartered Kenya was the 4th largest bank, by assets, out of the 43 licensed banks in the country.

The stock of Standard Chartered Kenya was listed on the Nairobi Securities Exchange (NSE) in 1989, offering 21 million shares to the public.

This was the largest single placing at the NSE at the time.

As of August 2014, the bank had a network of 34 branches, 90 Automated Teller Machines (ATMs) and nearly 1,700 employees.

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