Banks DIH Limited has announced that it will appeal the decision of the High Court to grant an injunction barring it from implementing a 15% cap on shareholder voting power.
At its Annual General Meeting on Saturday at Thirst Park, the company had planned to amend its by-laws to cap shares purchase at 15%. However, on Friday, Justice Sandil Kissoon, granted an injunction barring the company from voting on the motion to amend.
Chairman and Managing Director of Banks DIH Limited, Clifford Reis, in his address to shareholders on Saturday, said the company will appeal Justice Kissoon’s decision.
“At the close of the register for this Annual General Meeting today, the votes on the By-Law No 8 cannot proceed because Justice Kissoon has restrained us from doing so. And as a law abiding and responsible corporate citizen, we will comply with the judge’s order, however, the company proposes to appeal this matter to the Full Court for the discharge of this injunction,” the Chairman reported.
Guyana Americas Merchant Bank Inc and Beharry Stockbrokers Limited filed the action against Banks DIH, but Reis was keen to point out that the Beharry company is not a Banks DIH shareholder.
Reis said Banks DIH, which has become a trusted household name in Guyana, must remain a company owned by regular citizens – teachers, doctors, nurses, farmers, and vendors – and not big companies.
“And so we ask this question today, what does it say about a company, when thousands of people across generations see it as a part of their story. It says trust. It says belonging. It says shared destiny. It says do not sell your shares. This is why Banks DIH Limited is often described as a family company because it truly is,” Reis said.
Reis said when he was appointed Chairman of Banks DIH in 1989, there were 7,100 shareholders. To date that number has increased to 15,558, and the company is looking to increase it further to 20,000 shareholders.
“When I was appointed chairman of this company in 1989 we had 7,100 shareholders. Today, we have 15,558 – an increase of 8,455 or 119% more. The target now for us is 20,000. We want to see 20,000 shareholders in this company– drivers, civil servants, farmers, and teachers. We want to see 20,000 small shareholders own this company. That is the legacy we want to follow with Peter D’Aguiar,” he said.
A group of “concerned” shareholders, in a paid ad, said at a time when dividends have not been fully paid, and in the absence of a third interim dividend in 2025, the Board of Banks DIH is looking to limit shareholders’ influence.
But in an attempt to set the record straight, the Chairman pointed out that a dividend payment of 65 cents per share was paid to all shareholders on May 15, 2025. A second dividend payment of 65 was paid on October 2025 and a third dividend payment of $1.70 per will be paid for January, 2026.
“The total dividend paid to our shareholders during this year was $3 per share unit and this resulted in a cost to the company of $2.550B, as compared to $2.210B previous year, and that’s an increase of $340M or 15.4%. My fellow shareholders, we made that commitment that we would pay a minimum of 25% of the net profit in dividend payments. That target was achieved with a total of $2.550B or 25.9% of the net profit of $9.8B,” the Chairman said.
Noting that it is the company’s intention to increase the percentage to 30%, Reis said Banks DIH for the last 20 years, has paid three dividends per year, and it will continue to do so.
He said notwithstanding the payment of the dividends, company’s expansion programmes were funded from internal cash flow without the need to borrow funds or issue any additional shares.
Banks DIH recorded profit after tax of $9.8 Billion for the year 2025 – representing an increase of 2.3%. The before tax profit was $13.7 Billion as compared to $13.4 Billion in 2024, thereby increasing by just over 3%.
The company generated revenue of $47.3 Billion.
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