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Pan Africa Insurance of Kenya Advances After Dividend Report

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Feb. 21 (Bloomberg) -- Pan Africa Insurance Holdings Ltd., the Kenyan unit of South Africa’s Sanlam Ltd., rose to its highest intraday level in almost a month after it proposed a dividend.

The insurer gained as much as 3.8 percent to 20.5 shillings as of 11:39 a.m. in Nairobi, the capital. A close at this level would be the highest since Jan. 4, according to data compiled by Bloomberg. Pan Africa plans to pay 2 shillings a share dividend.

“The dividend yield is 10 percent, that is pretty high,” Cynthia Omondi, an analyst at Nairobi-based African Alliance Kenya Investment Bank Ltd., said in a phone interview today. “People want to participate in the dividend.”

Shareholders will vote on the proposed dividend during an annual general meeting May. 16, the company said yesterday. Profit for the year through December fell 25 percent to 443.4 million shillings ($5.32 million) following poor performance of investments in stocks and bonds, it said.

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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