Abu Dhabi – Mubasher: Dana Gas has announced that it will deposit the approved dividends in the Abu Dhabi Securities Exchange (ADX) following an advice of this action by the stock market.
Dana’s annual general meeting (AGM) has rejected the board’s recommendation for the postponement of the distribution of a 5% cash dividend due to an ex parte injunction from an English court preventing the UAE-based company from approving the dividends.
The ADX-listed energy giant will take such measure in order to avoid the violation of the UAE’s laws or the Securities and Commodities Authority’s (SCA) regulations, according to a bourse statement released on Monday.
Companies in the UAE must pay dividends within 30 days after their approval by the AGM.
On Sunday, Dana announced that an English Court had refused the company’s application to dismiss a court order preventing the UAE-based company energy producer from paying any dividends for 2017.
