Tue | Dec 5, 2023

NCBFG shareholders to get long-awaited dividends in December

Published:Friday | November 17, 2023 | 11:04 AM
The NCBFG Board took the decision at its meeting early Friday morning. - File photo

Shareholders of NCB Financial Group Limited (NCBFG) are getting an early Christmas present, as the Board of Directors has approved an interim dividend payment of $0.50 per ordinary stock unit.

The NCBFG Board took the decision at its meeting early Friday morning.

The dividend is payable on December 18, 2023, for stockholders on record as at December 4, 2023.

The market reacted positively to the news. Shares in NCBFG, after opening at $70, were up $0.61 or 0.87 per cent in Friday's early trading.

The value of shares in NCBFG has been declining after a 52-week high of $85.00.

The stock declined to $64.60 on July 5, 2023 before rallying to $74.95 on July 24, 2023.

Shares in NCBFG took a hammering from the market on news of several management changes at the Group following the unexpected return of Chairman Michael Lee Chin from a leave of absence. The changes included the departure of Group Chief Executive Officer, Patrick Hylton, and Chief Financial Officer, Dennis Cohen.

On October 30 2023, shares in NCBFG plunged to a 52 week low of $60.91 before recovering somewhat on news that the Board would be considering the payment of dividends for the first time in three years.

- Neville Graham

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