Abu Dhabi – The ordinary general meeting (OGM) of Dana Gas nodded to pay out cash dividends of 5.5 fils per share for fiscal year (FY) 2019.

During the meeting, shareholders also approved the company's objective to carry out a feasibility study to demerge its upstream business in the Kurdistan Region of Iraq and Egypt, and midstream business, which will work on the UAE Gas project, according to a press release on Wednesday.

The separation of businesses will create two publicly traded companies on the Abu Dhabi Securities Exchange (ADX).

The Chairman of Dana Gas, Hamid Jafar, said: "This is the company's third consecutive dividend and highlights the excellent results from the hard work the Board and management team have delivered over the past several years to strengthen the company's financial position that has been reflected in the steady dividend payments."

It is noteworthy to highlight that in 2019, the company reported a net profit of $157 million, against a loss worth $186 million in 2018.

 

Source: Mubasher

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