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Dubai: The annual general meeting (AGM) of Amlak Finance, the largest publicly listed finance company and pioneer in home finance in the UAE, approved on Sunday the distribution of 10 per cent cash dividend of the company's share capital to shareholders, amounting to Dh150 million.
The assembly also reviewed and discussed the director's report, auditor's report and the report of the fatwa and Sharia Supervisory Board.
The AGM, which convened with a 53.2 per cent quorum, was held at the Dubai Chamber of Commerce in the presence of shareholders, board of directors, Sharia Board, representatives from the Ministry of Economy, the Dubai Economic Department, and the Emirates Securities and Commodities Authority.
Meanwhile, the extraordinary general meeting, which did not have the required quorum, was postponed to March 23.
In his statement to the assembly, Nasser Bin Hassan Al Shaikh, Chairman of Amlak Finance, said the company's milestones on the fin-ancial, restructuring and expansion during 2007 and the major achievements realised by the new board and top management, which strengthened the positioning of Amlak's as the best home finance company in the UAE and the region.
"Amlak has been one of the highest traded stocks in the Dubai financial market, and with the approval of the dividend the value of our share will continue to grow, which will reap more rewards for our shareholders," said Al Shaikh.
Amlak's reported a 132 per cent increase in net profits compared to 2006, reaching Dh303 million.
Such growth is due to many factors including consolidating the company's core business.
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