ADNOC Distribution announced that it will supply a proposal to one of its shareholders who owns more than 10% of the company’s shares, within the agenda of the General Assembly meeting scheduled for March 31 .
According to the Emirates News Agency, the company stated in a statement that the proposal provides for an amendment to the ADNOC Distribution dividend policy for the year 2021 to become fixed so that the dividend distribution amounted to a minimum of 2.57 billion dirhams, which reflects 20.57 fils per share, half of which is expected to be paid in October 2021 And the other half of it is in April 2022 ... instead of the current dividend policy that specifies dividends of 75% of dividends for the year 2021.
The proposal also provides for the payment of dividends of 75% of the distributable profits as a minimum for each financial year beginning in 2022 and later.
According to that notice, the remaining sections of the dividend policy remain unchanged.
It is mentioned that the proposed amendment regarding the dividend policy will provide a clear vision regarding dividends to shareholders for the years 2020 and 2021.
Where the shareholder explained that the proposal came as a result of his confidence in the company's strong financial position, the strength of its balance sheet and its ability to withstand current market conditions, thanks to its low vulnerability to fluctuating oil prices and confidence in the company's ability to achieve its growth goals.
ADNOC Distribution also announced that it will host its annual general meeting via video calling technology for the first time in light of the emerging Corona virus crisis.
