Zain Group, a leading mobile telecom innovator in eight markets across the Middle East and Africa, announces the signing of a bilateral Memorandum of Understanding (MoU) with Kuwait Clearing Company (KCC) to enable the transfer of Zain shareholders’ annual cash dividends directly to their respective bank accounts.
Dividends of the fiscal year ending December 31, 2015 will be the first payments made utilizing this new financial mechanism.
Zain Group CEO, Scott Gegenheimer and KCC CEO, Othman Ibraheem Al-Issa, signed the MoU, which included a number of terms of cooperation regarding the sharing of shareholder data and information of those wishing to have their annual cash dividends transferred directly to their bank accounts without the need to personally visit KCC for check issuance and collection.
Commenting on the agreement, Scott Gegenheimer said: “We are pleased to make this step with KCC and to pave the way for a more efficient disbursement of dividends. This development saves our shareholders time and effort in collecting their annual payments, and reflects Zain Group’s dedication to innovation and the offer of the best services and convenience available to all our stakeholders.”
Gegenheimer continued: “Zain hails KCC’s role and professionalism in assisting us to provide this convenient payment option. In our experience KCC constantly seeks to maintain the highest levels of service and to utilize technological advancements in the important areas of clearing, settlement, and central depository.”
The new service will be optional and shareholders choosing to have their annual cash dividends electronically transferred to their bank accounts need only to submit their subscription request with a bank that has an agreement with KCC for this service starting from October 2015 onwards. Shareholders can still optionally collect their dividend check at KCC.