Emaar to distribute dividends worth $2.45bn
Total dividends for the year amount to $4.66bn
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Emaar Properties recently announced a Special Cash Dividend worth $2.45 billion has been approved for distribution amongst shareholders by the company’s board of directors.
The announcement takes the company’s total value of distributed dividends for the year to $4.66 billion. The total value of the dividends is 250% the par value of Emaar’s shares.
“With over $4.66 billion in dividend, including $2.72 billion in cash, declared this year, Emaar has set a milestone in enhancing value for our shareholders,” Mohammed Alabbar, chariman of Emaar Properties said.
An initial public offering (IPO) was also released for Emaar Malls Group, which went on to record total orders of $46.8 billion.
“The highly successful IPO of Emaar Malls highlights the global investor confidence in our company’s financial strength and vision, which is led by the positive growth of Dubai,” Alabbar added.
As of June 2014, Emaar Malls had a total gross leasable area (GLA) of up to 5.9 million sq ft., and a GLA occupancy rate of 95%, operating through four divisions. Its flagship asset, The Dubai Mall is touted as the world’s most visited retail and lifestyle destination.
Emaar’s stock value has increased by 108% in the last 52 weeks. As of 11 October 2014, Emaar’s market capitalisation is worth $22.32 billion.
The company had declared dividends worth $2.18 billion in April 2014, $265.5 million of which was cash. Emaar’s assets, as of 2013 end, were worth $17.68 billion.
Emaar will shortly conduct an Ordinary General Meeting to seek the approval of its shareholders in distributing the recently-announced special dividend.
