The Company shall pay dividends on shares to the shareholders in accordance with the
regulations as
to trading, clearing settlement, transfer of ownership and custody of securities and the
applicable regulations of the Dubai Financial Market, and in accordance with the
regulations, resolutions and
circulars issued by the Securities and Commodities Authority (“Authority”) in this regard.
The Company's ability to pay dividends is dependent on 2 number of factors, including the
Company's
overall performance, the availability of distributable reserves, the capital expenditure
plans and other
cash requirements in future periods, and there is no assurance that the Company will pay
dividends or,
if a dividend is paid, what the amount of such dividend will be.
The Company intends to adopt a semi-annual dividend distribution policy to pay dividends in
cash in
‘April and September of each year (subject to Board and General Assembly approval as
applicable).
Dividend Determination
The Board shall recommend/approve dividend amounts to be distributed to the shareholders
after
evaluating the impact of the principles set out above. Each of the interim dividends and the
final
dividends shall be paid within the relevant payment date but only after
in respect of the interim dividends: the Board of Directors has approved the financial
statements of the Company for the relevant period and resolved to pay interim dividend
to
the shareholders whether quarterly or semi-annually; and
in respect of the final dividends: following approval of the financial statements of the
Company
for the relevant fiscal year and approval of the annual dividends at the General
Assembly.
Subject to Board and General Assembly approval, the Company expects to pay a dividend amount
of
AED 800 million per annum over the next 3 years (through September 2025). The expected
dividend distribution policy payment schedule is defined as follows:
The Board of Directors may increase or decrease the dividend per share after evaluating the
impact of
a range of factors, including but not limited to debt level, investment opportunities;
capital
investments, financial covenants, Impact on the Corporate Credit Rating; state of the
capital markets;
overall performance in respective year, etc.
Dividend Pay-out
The Company shall deposit cash dividends of the shareholders registered on the tenth (10%)
day as of
the day following the date of the General Assembly or Board Meeting in which such profits
are decided
to be distributed and in accordance with the mechanism approved by the Authority, provided
that
payment of the cash dividends due to the shareholders shall be within thirty days as of the
date of
issuance of the decision approving such dividends.
