Announcement of AGM Results
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Insights
The approval of JSC Kaspi.kz's 2023 annual audited financial statements and the subsequent dividend declaration of KZT 850 per share are indicative of the company's profitability and its ability to generate shareholder value. The declaration of dividends is often a signal of confidence by the company's management in its current financial health and future prospects. Additionally, the reappointment of a reputable firm like Deloitte LLP for the external audit review suggests a commitment to financial transparency and may positively influence investor sentiment.
From a financial analysis standpoint, the dividend yield, calculated as the annual dividend per share divided by the stock's price, is an essential metric for investors. It provides insight into the return on investment, especially for income-focused shareholders. The market reaction to such announcements can vary; however, it typically results in increased investor interest, potentially boosting the stock price in the short term. Long-term implications hinge on the company's ability to maintain or grow its dividend payouts, which in turn depend on sustained profitability and sound financial management.
The decision to set an unlimited term of office for the current Board of Directors and the approval of indemnity provisions for Directors indicate a stable governance environment within JSC Kaspi.kz. While stability can be beneficial, it is essential to consider the potential drawbacks of such continuity. An unlimited term may lead to a lack of fresh perspectives and could potentially stifle innovation if not managed correctly. However, it can also ensure a sustained strategic direction and deep understanding of the company's operations among board members.
Indemnity provisions can protect directors, which may encourage more open decision-making, but it's important to balance this with accountability. Investors and stakeholders typically look for a board that can be held responsible for its actions without fear of undue risk. These governance decisions are a double-edged sword: they can foster a risk-taking and decisive culture if well-executed, but they also carry the risk of complacency and reduced oversight.
Understanding the regional market dynamics where JSC Kaspi.kz operates is important for assessing the impact of their AGM decisions. Kazakhstan's economic environment, regulatory framework and market trends can significantly influence the company's performance. For example, the local currency value (tenge) and its fluctuation against other major currencies could affect the real value of the dividends for international investors and the company's financial statements when converted to other currencies.
Moreover, the regional banking and financial services landscape, including competition and consumer behavior, could dictate how well JSC Kaspi.kz can capitalize on its current financial health. The ability to maintain a competitive edge and adapt to market changes is often reflected in the company's strategic decisions, such as the dividend policy and governance practices discussed at the AGM.
ALMATY, Kazakhstan, April 09, 2024 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz announces that the following resolutions were duly passed at its Annual General Meeting on 08 April 2024:
1. To approve the agenda of the Annual General Meeting of Shareholders of JSC Kaspi.kz:
1) Approval of the agenda;
2) Approval of JSC Kaspi.kz’s 2023 annual audited financial statements;
3) Approval of the procedure to distribute JSC Kaspi.kz’s net income for the year 2023 and the amount of dividend per common share of JSC Kaspi.kz;
4) Information on shareholders’ appeals on JSC Kaspi.kz and its officers’ actions and results of consideration thereof in 2023;
5) Defining the term of office of the Board of Directors of JSC Kaspi.kz;
6) Approval of the terms of JSC Kaspi.kz’s Members of the Board of Directors reimbursement of their expenses incurred while performing their duties;
7) Appointment of the external auditor to review JSC Kaspi.kz’s financial statements.
2. To approve JSC Kaspi.kz's 2023 annual audited financial statements.
3. To approve dividends to be paid within the period set by law:
1) dividend amount of KZT 850 (eight hundred and fifty tenge) per common share of JSC Kaspi.kz;
2) dividend is paid for 2023 year;
3) commencement date of dividend payments: 08 April 2024;
4) the list of shareholders entitled to receive the dividend based on 05 April 2024 date of record;
5) procedure and form of dividend payments: to be paid in cash by wire transfers to accounts of shareholders.
4. To take a note of the information on shareholders' appeals on JSC Kaspi.kz and its officers’ actions in 2023.
5. To approve the unlimited term of office of the current Board of Directors.
6. To approve indemnity provisions for inclusion in Directors’ Service Agreements where JSC Kaspi.kz agrees to indemnify Directors against certain liabilities incurred by Directors while performing their duties.
7. To reappoint Deloitte LLP as the external auditor to review JSC Kaspi.kz’s 1st and 2nd quarters of 2024 financial statements.
For further information
David Ferguson, david.ferguson@kaspi.kz +44 7427 751 275
FAQ
What resolutions were passed at the Annual General Meeting of Kaspi.kz?
What is the dividend amount approved per common share of Kaspi.kz for 2023?
When will the dividend payments commence for Kaspi.kz shareholders?
Who was reappointed as the external auditor for reviewing Kaspi.kz's financial statements?
