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[March 17, 2014]
DI board proposes foreigner ownership increase [Mubasher (Saudi Arabic)]
(Mubasher (Saudi Arabic) Via Acquire Media NewsEdge) The Board of Directors of Dubai Investments, a well-diversified conglomerate, has proposed cash and bonus share dividends and also increasing foreign ownership in the company, Emirates 24/7 reported.
A statement sent to Dubai Financial Market said the Board held its meeting on Sunday, March 16 where it approved distribution of five per cent bonus share and seven per cent cash dividend for the year ended on December 31, 2013.
The Board also decided to recommend revising the minimum percentage of shares held by UAE Nationals in the company to be not less than 65 per cent from the current 80 per cent. Now foreigners can own up to 35 per cent of the Dubai conglomerate.
Dubai's Investments' Board has also asked for an Extraordinary General Meeting to be held on April 15 and Annual General Meeting on April 22.
The company reported a more than two-fold jump in its 2013 net profit on the back of higher gain on fair value of its investments, profit from sale of properties and reduced finance costs.; All Rights Reserved - Mubasher Info (c) 2014 Provided by Syndigate.info, an Albawaba.com company
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