NDB pays K1m dividend

THE National Development Bank (NDB) has made a notional dividend payment of K1 million to the Government for last year.
Presentation of the payment was made to Kumul Consolidated Holdings (KCH) on Monday.
NDB board chairman William Lamur said the payment was a notional dividend by the bank, which was proud to be paying under the current trading environment.
He said NDB was happy to still be able to make a dividend payment to its shareholders.
“The bank does not have a dividend policy and the payment is dependent on the trading results year in year out,” Lamur said.
KCH chairman Paul Nerau thanked the NDB board and management for their contribution despite these difficult circumstances.
He said under the Kumul legislation, it was mandatory for all State owned enterprises (SOEs) to pay a dividend and that was still being looked at.
Nerau said how much each SOE was required to pay was still a matter for discussion.
He said KCH was a growing group of companies with 12 entities and was breaking new ground in agriculture, tourism and fisheries.
Nerau said how they could be linked to a financial institution like NDB was a matter for discussion.