Absa Bank Kenya has issued a notice of its intent to transfer billions in unclaimed assets to the government.
In a notice shared on Tuesday, April 23, Absa stated that dividends and shares not claimed for three years or more would be classified as abandoned assets.
“According to the provisions of the Unclaimed Financial Assets Act No. 40 of 2011, Parts II and III, all present and former shareholders of the Company and dividends are hereby notified that dividends and shares not claimed for a period of three (3) years or more will need to be delivered to the Unclaimed Financial Assets Authority as abandoned assets on the appointed date,” Absa stated.
Furthermore, Absa noted that the preferred method of payment for unclaimed dividends below Kes. 200,000 is through M-PESA.
Subsequently, Absa directed shareholders who wish to receive their dividend through M-PESA and have not registered for this payment method to dial 483038# or contact Share Registrar, Custody & Registrars Services Limited.
“Therefore, all present and former shareholders with unpaid dividends are urged to promptly contact the Share Registrar, Custody & Registrars Services Limited at IKM Place, Tower B, 1st Floor, 5th Ngong Avenue, Nairobi, or call +254 20 760 8216, or email: [email protected].”
The average share price of Absa Plc stands at Kes. 12.80, with a dividend of Kes. 1.35 per ordinary share payable net of withholding tax.
Also Read – Govt Directs Banks, Saccos to Surrender Dormant Funds as Unclaimed Assets Exceed Sh56 Billion
