MVIL declares annual cash dividend of K37mil

THE Motor Vehicles Insurance Ltd (MVIL) board has declared an annual cash dividend of K37 million to be paid to the state through Kumul Consolidated Holdings.
MVIL board chairman Dr Ken Ngangan said most of the dividend was derived from its investments while the core business component focused on serving its policy holders.
Serving policy holders remains MVIL’s highest priority.
The dividend payment is based on the company’s National Executive Council approved annual operating plan and the shareholder’s dividend policy.
He said having established a sound business model with branches in every province and some districts, MVIL had paid, and expects to continue to pay, yearly dividends.
He said future declarations of dividends and the establishment of future record and payment dates were subject to the final determination of MVIL board.
“We believe that our regular yearly dividend payment demonstrates our commitment to deliver value to our shareholder, the government and our continued confidence in the strength of our balance sheet and long-term viability,” Ngangan said.