Monday, August 08, 2022
Gulf News - Dubai Investments Co. is thinking of an interim dividend for H1-2022 - will this lift the stock?
Dubai: Dubai Investments could start offering interim dividends, a move that could yet give its stock some sort of boost. A Board of Directors meeting has been called for this Wednesday (August 10), where this proposal too will figure on the agenda, apart from the passing of the first-half 2022 results.
Half-year dividends have been announced by more companies, notably those based in Abu Dhabi. Today, ADNOC Distribution confirmed it will pass on a ‘minimum’ Dh1.28 billion as H1-2022 dividend, and the likes of Borouge, e& and Fertiglobe too have confirmed handsome dividends for the current year. In Dubai, DEWA is expected to give shareholders the same sort of boost.
Ahead of any formal move to announce an interm dividend, Dubai Investments will have to call a shareholders general assembly and win the go-ahead from the Securities and Commodities Authority (SCA).
Room for DIC stock to rise
The DIC stock is currently at Dh2.32, with a 52-week high and low of Dh2.64 and Dh1.63, respectively. In the recent past, the company acquired a sizeable stake in Dubai insurer NGI and went in for Dh1 billion resort project in Ras Al Khaimah. Its centrepiece Dubai Investments Park continues to be a money spinner, with a high occupancy level.Source: