Shares in Emaar Properties, the largest Arab property developer by market value, today plunged by 5.12% following last night’s colourful AGM at which shareholders expressed disappointment at a 20% cash dividend.
At the close of trading, Emaar shares stood at AED12.05 and – as usual, given that it is by far the largest company listed on the Dubai Financial Market – it was the most-traded stock on the exchange, with trading worth a total of AED756,753,840.
The Dubai index as a whole closed down by 1.93% at 4,010.22, following its closure last night at an 8-week low.
Emaar said last night at its AGM that it would pay a 20% cash dividend to shareholders, despite demands for more.
The shareholders’ reluctant acceptance of the dividend – which some analysts had previously estimated would be as high as 65% – came amid scenes of anger and shouting from the floor.
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