Dubai: Damac Properties Dubai Co. shares tumbled after its shareholders approved a lower dividend than what its board recommended for 2017.
Shareholders at the real-estate developer approved a payout of 15 fils per share compared with the board’s recommendation of 25 fils, the company said in a statement, without providing further details.
The shares retreated as much as 9.4 per cent, the most in a year.
Damac Properties, which has two golf-course development deals with US President Donald Trump’s family company, reported in February a full-year net income that missed the lowest analyst estimate. The firm’s biggest shareholder, Hussain Sajwani, said in January that he was open to selling as much as 15 per cent of his stake.
