Damac proposes generous share dividend

Dubai: Dubai-based developer, Damac Properties, is issuing a share dividend of 10 fils a share representing 500 million bonus share for 2014. This was recommended by the company’s Board of Directors and will be taken up at the annual general meeting which will be called late next month, the developer said in a DFM (Dubai Financial Market) filing today.

“As we embark on a new and exciting journey as a listed company in our home city of Dubai, we look to solidify our position and drive growth for our home owners and shareholders alike,” stated Hussain Sajwani, Damac’s chairman. “We have a firm belief in Dubai’s fundamentals and see the market maturing and continuing to grow in the coming short to medium term.”

The company had earlier reported a net profit of Dh3.48 billion for 2014.