Emaar Properties to distribute cash dividend on December 23

Dubai: Emaar Properties will distribute the recently approved special cash dividend of Dh9 billion ($2.45 billion) on December 23.

The special cash dividend will take the total dividend distributed in 2014 to Dh17.12 billion.

Earlier this year, Emaar distributed dividends of Dh8 billion, including 15 per cent cash dividend, equivalent to about Dh975 million, and 10 per cent bonus shares, or 650 million shares, valued at about Dh7.12 billion at Dh10.95 per share.

The dividend follows the successful IPO and listing of the Emaar Malls Group, the shopping malls and retail business of Emaar Properties, which had recorded total orders of over Dh172 billion.

Emaar Properties, which has tumbled more than 31 per cent after it went ex-dividend, ended 8.02 per cent weaker to be at Dh6.65 on Sunday.

Emaar has total assets of nearly $19 billion and a land bank of more than 226 million sq metres in key international markets. Emaar has handed over 37,500 residential units in Dubai and other global markets since 2001.