Waha Capital dives as firm recommends ten per cent cash dividend
The Abu Dhabi Securities Exchange General Index (ADXGI) advanced 0.24 per cent to close at 4,883.05 points on Monday, February 24. The shares of investment company Waha Capital plummeted 5.26 per cent to AED2.70. Earlier in the day, Waha said in a filing to the bourse that its board of directors has recommended distribution of a dividend to shareholders of ten fils per share for the 2013 financial year, equivalent of ten per cent of its paid-up capital and reflecting an increase of 67 percent from the dividend distributed last year. Hussain Jasim Al-Nowais, chairman of Waha Capital, says: “The proposed dividend rate marks a significant increase from the dividend distributed to our shareholders in the previous year. We believe that the rate is very appropriate, especially in light of the investments and expansions we will seek to make during this year, which in turn will reflect positively on the equity and profitability of the company.” The recommendation is subject to shareholder approval.