Mary Uduk - The Securities and Exchange Commission (SEC) has urged investors with multiple shareholding accounts to regularise such before December 31, 2019.

The Securities and Exchange Commission (SEC) on Monday asked shareholders of the defunct Afribank Plc to claim their dividends.

The SEC said this was part of its investor protection programme and as well as ensuring that shareholders get the benefits of investing in the capital market.

According to SEC Acting DG Ms Mary Uduk, the Commission is making concrete efforts to ensure that investors get their dividends as this would reduce the high profile of unclaimed dividends in the market.

“We have informed shareholders of the defunct AfriBank Plc that unclaimed dividends declared by the bank are being held in trust on their behalf. This will further help reduce the volume of unclaimed dividends in the market and boost investor confidence,” she said.

“Investors that have unclaimed dividends are, therefore, advised to contact Carnation Registrars to process their dividend payments.”

Uduk added that the Commission has directed Carnation Registrars and Meristem Trustees to ensure that all genuine claims of beneficiary shareholders be addressed forthwith.

“Since the company is no longer in operation, these unclaimed dividends have to be made available to the rightful owners that are the shareholders. That will go a long way in boosting investor confidence in the market. That is why we are calling on them to take advantage of this opportunity and claim their dividends,” Uduk said.

The SEC had recently directed investors in the defunct Skye Bank plc to claim all outstanding dividends declared by the bank which were being held in trust on their behalf.

The Commission had also directed that Cardinalstone Registrars and STL Trustees ensure that all genuine claims of beneficiary shareholders were addressed forthwith.

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