The upcoming AGM follows Tamweel's recent record third quarter earnings in 2006 of AED 798 million, of which core income of AED 99 million represents a 212 percent increase over the same period in 2005.
The year 2006 was significant for Tamweel after approximately three years in operations and one that saw the transition of the company into a Public Joint Stock Company after overwhelming market confidence witnessed by the 485 times oversubscription to the IPO of Tamweel.
Tamweel's board and management are confident of the company's solid earning and hence the generous dividend proposal to the AGM. This action will be the cornerstone in the company's dividend policy of sharing the wealth with its valued shareholders. It is worth noting that Tamweel is the only financial institution that has ever announced dividends within a relatively short period of operation in the financial industry.
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Tamweel Board of Directors proposes 20 percent cash dividend
- United Arab Emirates: Thursday, December 07 - 2006 at 08:03
- PRESS RELEASE
Tamweel PJSC, the leader in home finance in the UAE, announced that its board of directors has proposed a 20 percent cash dividend for the fiscal year 2006 to be discussed at the upcoming Annual General Meeting (AGM).
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Notes and media contacts
About Tamweel PJSC:Tamweel, the leader in home finance in the UAE, was established in March 2004 and became a public joint-stock company in June 2006. A provider of a wide range of unparalleled customer-service solutions and innovative home finance products, Tamweel works with 235 partners across country. The company, which aims to become the regional home finance leader, currently has branches in Dubai, Sharjah and Abu Dhabi.
For further information, please contact:
Marlene Salloum,
Tamweel PJSC
Dubai, UAE
Tel: +971-4-2026469
Fax: +971-4-2944331
Nicholas Nesson /Sudha Chandran
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-50-4785324 / 50-6588063
Fax: 971-4-3356080
Posted by Anne-Birte Stensgaard, Senior News EditorThursday, December 07 - 2006 at 08:03 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Sun Feb 11 2007.
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