DUBAI, UAE – TECOM Group Tuesday announced shareholder approval of the proposed interim dividend payment of US$54 million (AED200 million) following its first General Assembly Meeting since listing on the Dubai Financial Market (DFM) on 5th July 2022.
The approved US$54 million cash distribution is in line with the Group’s previously announced dividend policy of distributing US$217 million annually, to be distributed in semi-annual payments, to shareholders through to October 2025.
All matters related to future dividend distribution will be subject to Board of Director’s recommendation and shareholders’ approval.
Malek Al Malek, Chairman of TECOM Group, said, “TECOM Group has sustained its strong performance since the start of the year in line with the sharp rise in demand in the commercial and industrial real estate market in Dubai.”
He said, “This buoyancy is underpinned by the economic expansion and the government’s initiatives to promote further growth and excellence, enhance the ease of doing business and attract top global talent and foreign direct investment.”
He added, “Per the Board of Directors’ recommendation and the subsequent approval of our shareholders, we are delighted to announce the distribution of interim cash dividends in line with the dividend policy previously outlined in the IPO prospectus.”
TECOM Group intends to distribute cash dividends as follows: $54 million (AED200 million) for October 2022; $54 million (AED200 million) for April 2023; $108 million (AED400 million) for October 2023; $108 million (AED400 million) for April 2024; $108 million (AED400 million) for October 2024; $108 million (AED400 million) for April 2025 and $108 million (AED400 million) for October 2025.