Emaar ..... to distribute $1.4 billion of proceeds from the malls
group IPO.
Emaar gets approval for $2.4bn special dividend
DUBAI, November 24, 2014
Emaar Properties, Dubai's largest listed developer, said its shareholders have approved a special cash dividend totalling Dh9 billion ($2.45 billion).
The dividend, which was approved at the firm's ordinary general meeting, was related to the flotation earlier this year of a stake in Emaar Malls Group (EMG), a unit of Emaar Properties.
EMG listed 15.4 per cent on the Dubai Financial Market, raising $1.58 billion from the sale, which was well covered by investor bids.
Emaar had proposed distributing Dh5.3 billion ($1.4 billion) of proceeds from the initial public offering to shareholders, as well as Dh3.7 billion ($1.07 billion) of dividends paid by EMG to Emaar prior to the listing.
The dividend is equivalent to Dh1.27 ($0.34) per share, Emaar said previously.-Reuters