Credit Corp plans to be on ASX Ltd

Business

CREDIT Corporation chairman Richard Sinamoi says they plan to be listed on the Australian Securities Exchange Ltd (ASX).
Sinamoi told the company’s annual general meeting last Friday that it was part of plans for the next three to five years.
“Of particular importance is that following the board’s strategic review in Full-year (FY21), we have reset our strategy with a new pathway and developed a revised plan for the next three to five years,” he said.
“This new strategic plan has set Credit Corporation on a transformational journey.
“This ambitious plan will see us building on our strong finance company businesses, simplifying the group and divesting some of our non-core assets, into becoming a niche commercial bank, and ultimately aiming to list on the ASX.
“To realise this strategic growth ambition requires a strong leadership team in place.
“I believe our new management team, led by CEO Danny Robinson, will improve the performance and value of the company as we commit to becoming a niche commercial bank in the future.”
Meanwhile, Sinamoi also advised the shareholders that the directors had declared a final dividend for FY21 of 13.4 toea per share, a total of K41.2 million.
“This follows the interim dividend of 4.6 toea paid in the second half of FY21, making it a total full-year dividend of 18 toea per share, or K55.3 million,” he said.
“This represents a full-year payout ratio of 70 per cent of core operating profit, which is at the top-end of the group’s stated dividend policy range of 50 to 70 per cent of core operating profit.”
Sinamoi said it continued a strong track record of passing on full dividend payments from investments.
“It highlights our ongoing commitment to delivering shareholder value,” he said.