The founding Chief Executive Officer (CEO) of Safaricom; Michael Joseph, has reportedly sold off all of his shares in the company.
In its annual report telecommunications company; Safaricom, made it known that Michael Joseph sold all the shares he held in the company over the course of the company’s financial year ending in March 2019.
The founding Chief Executive Officer (CEO) sold 1.17 million shares worth over 31 million Kenyan Shillings according to Safaricom’s current share price of 27 Kenyan Shillings.
Due to the sale, Joseph will miss a total dividend of KSh1.87 per share proposed at the AGM held on August 30, 2018.
He had sold half of his shares earlier on, in 2016.
Safaricom in its annual report stated that, ”The total dividend comprises of a final dividend in respect of the year ended March 31, 2019, of 1.25 Kenyan Shillings per share and a special dividend of 0.62 Kenyan Shillings per share to be paid from retained earnings of the company as at 31 March 2019.”
Vodafone Kenya, which currently has 40 percent shareholding, will get the lion’s share from the dividend payment followed by the Kenyan Government which has a 35 percent stake in the Telco.
