DUBAI, UAE – Dubai Electricity and Water Authority (DEWA) has announced that the company’s first general assembly meeting will be held physically and virtually on October 10, 2022.
The assembly will vote on the recommendation of Board of Directors concerning a cash dividend distribution of US$844 million (AED 3.1 billion) for H1 2022.
This is intended to be paid to the company’s eligible shareholders in October 2022.
The assembly will also vote on the recommendation of the Board of Directors to suspend any further allocation of profit towards legal reserve as DEWA’s legal reserve is currently in excess of 50 percent of the share capital of the company.
Any shareholder who has the right to attend the General Assembly may delegate someone from other than the Board members or the staff of the company, or securities brokerage company, or its employees, to attend on his behalf as per the rules and regulations.
A delegated person for a number of shareholders shall not have more than (five percent) of the company issued capital after gaining that delegation.
Persons lacking legal capacity and are incompetent must be represented by their legal representatives.
DEWA reported revenues of $3.2 billion (AED 12.08 billion) and net profit of $898 million (AED 3.3 billion) in the first half 2022.