Du starts cash dividend distribution
Dubai, April 21, 2013
UAE's integrated telecommunications company du said it has started distributing cash dividends worth 30fils per share cash to its shareholders thus representing an yield of 8.6 per cent..
Announcing this at the company AGM, du said shareholders who have been registered in the telecom company's share book as on April 4, 2012 are entitled to receive the dividend effective today (April 21).
The National Bank of Abu Dhabi, du’s registrar, will be handling all matters related to the distribution of the cash dividend.
Commenting on the move, chairman Ahmad Bin Byat said, "2012 was a year earmarked for delivering sustainable value; not just to our shareholders, customers and employees – but largely to the economy and importantly the country. The du story in 2012 is one of empowerment."
"Today du has firmly positioned UAE in the global arena as the ICT hub; fostering entrepreneurship, innovation and a conducive business climate equipped with best ICT infrastructure – making UAE the window to access the greater Middle East region," he stated.
Elaborating on du’s 2012 performance; Byat said, "We closed the year with a positive cash flow for the second year in a row, ending the year with Dh1.75 billion ($476.3 million) in free cash flow. Our financial position enabled us to declare a second dividend payment of 30 fils per share, representing a yield of 8.6 per cent."
He pointed out that this was an increase of 100 per cent cash dividend declared in the same period in 2011. "This success we’ve achieved within a short span of 6 years is a reflection of our commitment, strong business fundamental and strategic direction set out to deliver value for all our stakeholders," stated Byat.
According to him, shareholders have two options to receive their cash dividends by way of a cheque or a bank transfer.
"If they want to receive dividends by bank transfer they must, either previously or should now, give our registrar National Bank of Abu Dhabi, their bank details," he added.-TradeArabia News Service
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