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Note 11 - Subsequent Events
3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 11 SUBSEQUENT EVENTS

 

Cash Dividend

 

On May 8, 2024, the Board of Directors of the Company declared, approved and authorized payment of a quarterly dividend of $7.2 million ($0.12 per share) to all holders of the Company’s issued and outstanding shares of common stock on May 22, 2024, payable on June 5, 2024.

 

DEG 4 Loan

 

On April 4, 2024, the Company, through one of the its wholly owned subsidiaries, entered into a new $30 million subordinated loan agreement with Deutsche Investitions-und Entwicklungsgesellschaft mbH ("DEG") and on April 18, 2024, it completed a drawdown of the full loan amount of $30 million (the “DEG 4 Loan”). The DEG 4 Loan bears a fixed interest rate of 7.79% and will be repaid in 6 equal semi-annual principal installments commencing on December 21, 2028, with a final maturity date of June 21, 2031.

 

Tax Investigation in Kenya

 

On April 23, 2024, the Company's branch in Kenya received a Letter of Preliminary Investigation Findings ("Letter") from the Kenya Revenue Authority (“KRA”) relating to tax years 2017-2022. The Letter sets forth a demand for approximately $79.0 million before any potential interest and penalties. Based on a preliminary review of the Letter, the Company and its advisors believe that these preliminary findings have no merit and that the Company has strong arguments against these preliminary findings raised in the KRA Letter.