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Emaar shares tumble after dividend announcement

The company with the highest weight on Dubai bourse pulls index down

Gulf News

Dubai:

Emaar Properties shares tumbled along with Dubai index on Tuesday after the company announced 15 per cent cash dividend, unchanges from last year.

Emaar Properties will seek shareholder approval for 15 fils a share at its annual general meeting called for on April 17.

Emaar Properties shares were down 3.27 per cent at Dh7.4. The Dubai index fell more than 1 per cent at 3,511.58.

The developer had earlier reported net profits of Dh5.81 billion for 2016, with the gains being led by its Dubai operations and from the retail and hospitality divisions.

Gains were also spotted from its international development exposure.

The upcoming shareholder meeting will also need to approve the company’s plans to put in place an employee share-based incentive plan.

Another proposal will relate to an increase in share capital, according to a statement issued by the developer to the Dubai Financial Market.

The company has multiple projects in the pipeline in Dubai, and recently launched its first off-plan sales this year. This was for property at the Dubai Creek Harbour.

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