City Trust Ltd., 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.