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City Trust Heads for Highest Close in Five Years on Dividend

City Trust Ltd. (CTRL), a Kenyan investment company, headed for the highest level in five years after the company said shareholders have a cut off date of Dec. 29 to be entitled to a dividend.

The company’s stocks jumped 3.7 percent to 280 shillings as of 12:18 p.m. in Nairobi, set for the strongest close since November 2006.

The company plans to pay a dividend “on or about Jan. 27, 2012,” City Trust said in e-mailed statement today.

In October the company said it’s in talks to acquire a regional bank in exchange for shares. The proposed transaction is subject to regulatory and shareholder approval.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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