By Neil Halligan
Takes the total value of dividends distributed this year to over $4.66bn
Emaar Properties has approved a special cash dividend of $2.45bn (AED 9bn) to be distributed to the company’s shareholders.
It takes the total value of dividends distributed this year to over $4.66bn (AED 17.12bn) – one of the largest announced by any listed company in the UAE.
The total value of the dividends is about 250 percent of the par value of Emaar’s shares, or about AED2.50 per share.
The newly announced cash dividend follows the initial public offering of Emaar Malls Group, which recorded total orders of over $46.8bn (AED 172 billion).
The value of Emaar shares recorded an increase of 62% year-to-date and over 108% in the past 52 weeks. As of October 11, 2014, Emaar has a market capitalisation of over $22.32bn (AED 81.98bn).
In April, Emaar announced dividend of $2.1bn (AED8bn), including 15 per cent cash dividend, equivalent to about $265.5m (AED 975m), and 10 per cent bonus shares, or 650 million shares, valued at about $1.94 billion (AED 7.12 billion) at AED 10.95 per share, as of April 23, 2014.
Mohamed Alabbar, chairman of Emaar Properties, said: “Emaar has set a milestone in enhancing value for our shareholders. Earlier this year, we had announced the additional cash dividend from the listing of Emaar Malls, and we are now delivering on our promise to them.
“We will continue to focus on creating long-term value by further strengthening our core businesses in prime real estate assets, shopping malls and retail, and hospitality.”
Emaar Properties said it will hold an ordinary general meeting to seek the approval of its shareholders in distributing the special dividend.For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.