Dubai-Mubasher: Damac Properties Dubai Co. shareholders approved distributing bonus shares representing 10% of the AED 5 billion capital.

The stock dividend totalled AED 500 million, divided into 500 million shares, thus raising the capital to AED 5.5 billion, the company said in a filing to the Dubai Financial Market (DFM).

The extraordinary general meeting, held on Sunday along with the ordinary general meeting, gave the go-ahead for amending the statute.

The property developer reported a profit surge of 189.6% to AED 3.48 billion in fiscal year 2014, compared to AED 1.2 billion in FY13.