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Al Ramz approves AED 0.05/shr dividend for 2016

Al Ramz approves AED 0.05/shr dividend for 2016
(Photo Credit: Arabianeye-Reuters)

Dubai – Mubasher: Al Ramz Corporation Investment and Development’s shareholders approved distributing a cash dividend of 5 fils per share, representing 5% of the company’s capital, totalling AED 27.5 million for 2016.

The shareholders also approved the company's annual financial statements, board of directors' remunerations, and amendments to the statutes at a meeting held on Wednesday.

“The company approved investing up to 35% of the company's capital in Al Ramz Capital LLC, one of its subsidiaries,” according to the company’s statement on Thursday.

“This item was added based on the request of some shareholders holding more than 10% of the company’s capital”, the investment company added.

Al Ramz posted an annual profit of AED 58.69 million in 2016 compared to AED 48.31 million in 2015, registering a growth of 21.5%.