Emaar Properties proposes dividend payment

Dubai: Property developer Emaar Properties has proposed a 10 fils cash dividend for last year, the company said in a statement to the Dubai Financial Market (DFM) on Tuesday. 

Emaar, which announced earlier this week that it was expanding its board and replacing four directors, proposed the same dividend payout in 2010 following a turbulent meeting with shareholders. 

Emaar said that a meeting has been scheduled with shareholders for April 23 to discuss this year's dividend.

Emaar's shares have gained 19 per cent this year compared with a 23 per cent advance for the DFM General Index.

The company's stock was unchanged in early trading on Tuesday. 

Emaar said earlier this year its 2011 net profit was Dh1.79 billion, down 27 per cent on the year-before period.