Emaar Properties, developer of the world's tallest tower Burj Khalifa, proposed a 10 per cent cash dividend, worth Dh600 million, to shareholders during a chaotic annual general meeting (AGM) in Dubai on Monday.
Although the shareholders sought a 20 to 30 per cent dividend, the management argued against it, citing a Dh4 billion short-term loan repayment this year.
"We can't distribute more than 10 per cent to the shareholders as we have financial obligations that we need to meet, which I'm not sure if we will reschedule. We cannot default on loan payments," Chairman Mohammad Al Abbar said.
No comments:
Post a Comment