Abu Dhabi – Mubasher: Al Qudra Holding’s ordinary general meeting (OGM) has approved the distribution of AED 72.8 million in cash dividends for 2017.

The approved dividends account for 9% of the Abu Dhabi-listed company with the per-share dividend stands at AED 0.09, according to a bourse statement released on Thursday.

This amount will be paid in two tranches: The first of which will be paid no later than 24 May, while the payment of the other will take place within six months after the first tranche.

Al Qudra’s OGM also approved the issuance of mandatory bonds convertible to shares equal up to AED 300 million, authorising the board of directors to determine the issue’s value, terms, and date.

The UAE-based company reported a 23% year-on-year decline in net profit during the full-year 2017, registering AED 202.5 million.