Abu Dhabi – Mubasher: Emirates Telecommunications Corporation (Etisalat) said Tuesday it obtained the approval of shareholders on the board’s proposal for distributing cash dividends and bonus shares for the fiscal year 2014.
The company’s ordinary general meeting gave the go ahead for the distribution of 70% in cash dividends and 10% in stock dividends.
The telecom operator’s board previously recommended the distribution of cash dividends for 2014 at 70 fils per share.
As H1 dividends were distributed at 35 fils per share, the full-year cash dividends reached AED 5.5 billion.
The board also proposed distributing 790.6 million bonus shares, or 10%, thus raising the telco’s capital to AED 8.696 billion.
Meanwhile, the extraordinary general meeting endorsed the increase in authorized capital to AED 10 billion from AED 8 billion.
Etisalat posted a profit rise after federal royalty in 2014 to AED 8.9 billion, representing a growth by 26% year-over-year.
"2014 was an auspicious year for Etisalat . This is a landmark moment in our history and a considerable achievement towards our objective of being recognised as the leading operator in emerging markets,” said Etisalat Chairman Eissa al-Suwaidi.