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HCB to Pay Over 6.3B Meticals in Dividends to Shareholders

HCB to Pay Over 6.3B Meticals in Dividends to Shareholders

Hidroeléctrica de Cahora Bassa (HCB) announced on Wednesday (8) that it will proceed with the payment of dividends to its shareholders and holders of company shares, within the scope of the amounts collected during the 2023 financial year.

‘HCB informs that for the financial year ending 31 December 2023, it will pay the dividends on 23 May 2024, the date on which they will be able to confirm receipt of the dividends at the banks where their shares are deposited in the ownership registration account,’ the company said in a statement.

The institution explained that for Series B shareholders, the dividends are subject to a tax in full discharge of liabilities for Personal Income Tax (IRPS) or Corporate Income Tax (IRPC) and any other charges levied by the banks.

It also pointed out that ‘the distribution of dividends derives from the fulfilment of the resolutions of the Ordinary General Meeting on the proposed application of net profits of 13 billion meticals, in which 55% will be allocated to dividends, 35% to investment reserves and 10% to retained earnings’.

In these terms, HCB emphasised that it will pay dividends of around 6.3 billion meticals to the state – the majority shareholder – and around 297 million meticals to the individuals, companies and national institutions that became part of Hidroeléctrica’s shareholder structure after the public offering in 2019.

‘The payment of dividends to the state will contribute to the implementation of Mozambique’s socio-economic development plans,’ he concluded.

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