BAT's Zim unit declares 100% dividend

Harare - BAT Zimbabwe, the Zimbabwe unit of British American Tobacco [JSE:BTI], on Friday put a smile on its shareholders' faces after it declared a 100% dividend payout.
 
After recording basic earnings per share of 26 cents, BAT declared a dividend per share of 30c with the extra 4c coming from retained earnings from prior years.
 
The cigarette maker made a profit after tax of US$5.329m, all of which was paid out as a dividend.
 
The dividend payout must be a welcome development to indigenous Zimbabweans, who now own more than 26% of the shareholding of BAT Zimbabwe.
 
BAT started implementing the required indigenisation 51% threshold in 2012.
 
In a circular to shareholders released in 2012, BAT said it would meet 26% indigenous status by October 28 2012, 36% status by October 28 2013, 46% by October 28 2014 and 51% by October 28 2015.
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