Emaar Properties, the largest Arab property developer by market value, said on Sunday it would propose a 2006 dividend at an annual general meeting next month.Gulf Arab investors, their confidence battered by a crash last year, are punishing stocks of companies that fail to meet their dividend expectations.Emaar's silence on dividends in the weeks after its fourth profit report weighed on its stock.
Emaar will hold the meeting at 5 p.m. (1300 GMT) on March 11 at the Dubai World Trade Centre, the company said in a statement posted on the Dubai bourse website."The dividend will be proposed and approved at the forthcoming annual general meeting," the directors said in the statement.If there is no quorum, the meeting will be rescheduled for March 18, the company said.Emaar made a net profit of 6.371 billion dirhams ($1.74 billion) in 2006, up 35% from the previous year.The company transferred 10% of its profit to general reserves and will not be distributed to shareholders, the statement said. Source
Emaar will hold the meeting at 5 p.m. (1300 GMT) on March 11 at the Dubai World Trade Centre, the company said in a statement posted on the Dubai bourse website."The dividend will be proposed and approved at the forthcoming annual general meeting," the directors said in the statement.If there is no quorum, the meeting will be rescheduled for March 18, the company said.Emaar made a net profit of 6.371 billion dirhams ($1.74 billion) in 2006, up 35% from the previous year.The company transferred 10% of its profit to general reserves and will not be distributed to shareholders, the statement said. Source
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