Reduction of share capital approved by DIFC Courts, effective from 7 December 2020
Dubai, United Arab Emirates:ENBD REIT (CEIC) PLC (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, has announced that its proposed reduction of share capital has been approved by the DIFC Courts, facilitating the distribution of its interim dividend to shareholders.
The interim dividend is USD 0.0194 per share or USD 4,850,000, as approved by the Board of Directors from the net rental income generated during the 6-month period. The dividend represents 80% of recurring net rental income to accommodate a cash reserve for navigating adverse market conditions as well as capital projects planned across the portfolio with the aim of improving occupancy and rental income in the future.
ENBD REIT’s shares will become ex-dividend on 22 December 2020, with the record date for the interim dividend set for 23 December 2020. The interim dividend will be paid to the REIT’s shareholders on 6 January 2021.
© Press Release 2020