Emaar approves dividends

15/01/2018 05:46 AST

The General Assembly of Emaar Properties has approved the distribution of extraordinary dividends of Dhs4 billion on its shareholders from the proceeds of Emaar Development's IPO. According to the decisions taken, around Dhs3 billion will be distributed as exceptional dividends in January on shareholders at 42 fils per share. The rest of Dhs1 billion will be distributed in April following the annual general assembly at 14 fils per share, bringing the total to 56 fils. These dividends have nothing to do with the annual dividends of the company.

The geopolitical conditions in the region brought unexpected effects on Emaar Development's IPO, Mohamed Alabbar, chairman of Emaar Properties, said. Emaar Properties will distribute Dhs4 billion of the total proceeds of the IPO of Dhs4.8 billion on shareholders in two phases, the first in January and the second in April, he added.

"The remaining proceeds from the IPO will be retained in order to maintain good liquidity and finance the large projects currently in place."


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