Beirut (MER) - Al Ain Ahlia Insurance Company posted net profits exceeding Dhs 100 million in 2004 compared with Dhs 70.59 million in 2003, AL KHALEEJ daily reported Tuesday.
The board of directors recommended, in a meeting held on the 18th of this month, the distribution of 50% of the nominal value of the company's shares in cash dividends and 20% in stock dividends.
The daily quoted Mohammed Al Dhahiri, the Chairman of the Board of Ahlia, as saying that the board decided that shareholders are entitled to dividends per the records of Abu Dhabi Stock Exchange on the closing day occurring on the 15th of next February.
For his part Mohammed Hamadah, the General Manager of Ahlia, said that the meeting of the general assembly of shareholders would take place also on the 15th of next month. They will look into the recommendation of the board of directors concerning the distribution of dividends.
AL-KHALEEJ said it had learned that Al Ahlia is negotiating a sizeable insurance contract exceeding Dhs 3.67 billion for Al-Tawilah project with an international consortium led by the Japanese Marubini Corporation.
This deal is expected to be signed in the coming few days.
The same sources disclosed that the company is looking forward to strike another deal for the Nakhlah project in Dubai in the near future. [SN-TM]
© MER (Middle East Reporter) 2005
