Photo: Richard Sinamoi
Richard Sinamoi, the chairman of Credit Corporation, says they intend to list on the Australian Securities Exchange Ltd. (ASX).
Sinamoi stated that it was in the plans for the upcoming three to five years during the company's annual general meeting last week.
“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.”
The board had also declared a final dividend for FY21 of 13.4 toea per share, or K41.2 million, Sinamoi further informed the shareholders.
“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.”
According to Sinamoi, it had a solid track record of paying out all dividends from investments.
“It highlights our ongoing commitment to delivering shareholder value,” he said.
Reference: The National (29 June 2022). “Credit Corp plans to be on ASX Ltd”.
