Sharjah Cement to pay 8% dividends, issue sukuk

Sharjah Cement to pay 8% dividends, issue sukuk
Photo Credit: Arabianeye-Reuters
Sharjah Cement & Industrial Development SCIDC -9.17% 0.99 -0.10

Mubasher: Sharjah Cement and Industrial Development Co’s ordinary general meeting (OGM) on Saturday approved the proposal of distributing an 8% cash dividend of capital for fiscal year 2016.

The company, which is listed on both Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), will pay 8 fils per share to the entitled shareholders, with a total value of AED 44.24 million ($12.04 million), according to a bourse statement issued on Sunday.

Sharjah Cement’s shareholders also approved issuing a 10% convertible sukuk of capital to government-owned Sharjah Asset Management.

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Source: Mubasher

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