By Our Correspondent

Lagos (INVESTADVOCATE)-Okomu Oil Company Plc operating in the Agriculture / Agro-Allied Sector of the Nigerian Stock Exchange (NSE) Tuesday increased its dividend payout by 40 percent (40%) as it declared a N7.00 dividend for the 2012 Audited Year End; compared to N5.00 paid in 2011 End.

The Firm also offered investors of the Company a 1 for 1 Bonus Issue in the period under review.

Market Watchers said Okomuoil’s Corporate Announcement justifies the 71 percent (71%) year-to-date price appreciation the ticker has garnered.

They also said the Firm’s N7.00 dividend translates to 8.78% dividend yield based on the current Market price of N79.75.

According to Reports, the ticker moved into a net-bid position on the announcement of Okomuoil’s Corporate Earnings.

Okomuoil affirmed in its Corporate Action that Qualification Date is May 13 2013 and Closure of Register of Shareholders to benefit from the N7.00 dividend  bonus issue is May 14 to 17 2013.

Also, Annual General Meeting (AGM) has been scheduled for June 05 2013 in Abuja Nigeria.

Similarly, Okomuoil’s peer, Presco Plc proposed N1.00 dividend which translates to 3.85% yield.

According to INVESTMENT ONE Financial Services Research, the stock has delivered 44.8% gain year-to-date. “We opine that the price might see a slight correction temporarily as Market reacts to the unattractive yield relative to peer (Okomuoil 8.78%)” the INVESTMENT ONE Research said.

They further affirmed that Market reaction was negative as the stock which initially was on bid, closed on offer.

In its Corporate Action to the NSE, Presco said Qualification Date for investors who would benefit from the dividend in the review period is July 05 2013 and Closure Date of Register is July 08 to 12 2013.

While AGM date has been scheduled for July 18 2013 in Benin, Edo State South West Nigeria and payment date is July 29 2013.