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Emaar Malls OGM to discuss dividends 18 April

Emaar Malls OGM to discuss dividends 18 April
(Photo Credit: Arabianeye-Reuters)
Emaar Malls
EMAARMALLS
7.88% 2.60 0.19

Dubai – Mubasher: Emaar Malls Group (EMG) said its ordinary general meeting (OGM) will convene on 18 April to discuss a cash dividend recommendation of 10 fils per share, representing 10% of the company's capital, according to a filing to the Dubai Financial Market (DFM) on Monday.

The OGM will also tackle the company’s financial results for the previous year, as well as the proposal to reduce the number of board members to seven from the current nine, the company added in its statement.

EMG reported AED 1.874 billion in net profits for the full year 2016, registering a profit increase of 13% from AED 1.656 billion in 2015.

The mall management company last approved a similar cash dividend for fiscal year 2015.

The company’s stock was up 0.8% to AED 2.6 by 13:50 UAE time on the DFM.