In particular, shareholders approved the distribution of a cash dividend of 45% of the nominal value of shares, corresponding to Dhs0.45 per share, provided that the right to receive dividends shall accrue to the owners of shares on the trading day of 25 June 2008, with settlement on 29 June 2008.
Shareholders also agreed to amend the company’s articles of association allowing GCC nationals to be treated as UAE nationals in relation to owning, dealing with and disposing of shares of the Company. Notably, Shuaa Capital expects these decisions to open up capacity for non-UAE and GCC investors to buy the company’s shares in light of the fact that Shuaa Capital has already reached its 49% foreign ownership limit. The delisting of Shuaa’s shares from the Kuwait Stock Exchange was also approved during the meeting.
Mr. Majid Saif Al Ghurair, Chairman of Shuaa Capital said:
“The Company decided to delist its shares from the Kuwait Stock Exchange because of inconsistencies in regulations between the Dubai Financial Market and Kuwait Stock Exchange, which makes it impossible for dual listed companies to comply with both. We would like to emphasize our interest in the Kuwaiti market through establishing a new subsidiary in Kuwait, being a significant GCC market where Shuaa operates.”
The appointment of Mr. Iyad Duwaji, Chief Executive Officer of Shuaa Capital, to fill the Board of Directors position vacated by Mr. Salem Abdullah Salem was also presented and ratified by shareholders. Mr. Salem’s resignation comes in line with Emirates Securities & Commodities Authority’s (ESCA) regulations that limits the number of Board of Director seats that an individual can have to a maximum of five public companies. SHUAA Capital acknowledged Mr. Salem for his valuable services, contribution and support, having served on its Board of Directors since 1998.