Dubai – Mubasher: Nasdaq Dubai-listed Emirates NBD REIT (ENBD REIT) announced the proposed reduction of its share capital in line with the requirements of the Dubai International Financial Centre’s (DIFC) new companies law.
The board of directors of the world's largest sharia-compliant real estate investment trust managed by Emirates NBD Asset Management Limited approved an interim dividend of about $6.868 million, or $0.027 per share, according to ENBD REIT’s statement on Sunday.
After being scheduled for December 2018, distributing the interim dividend was postponed until ENBD REIT obtains the approval of DIFC Courts for its recommended share capital decrease.
The payment of interim dividend to the REIT’s shareholders will be executed on 25 February, the statement added.
The dividend payment represents an annualised dividend yield of 7.13%, according to ENBD REIT’s closing share price of $1.08 on 21 June 2017.
In addition, the dividend payment also represents an annualised dividend return on net asset value (NAV) per share of 6.60% on the current NAV as at 31 March 2017.
ENBD REIT noted that it plans to resume distributing dividends to shareholders on a semi-annual basis, affirming that shareholders must own shares before market close on 2 July 2017 in order to be paid the dividends.
It is worth mentioning that ENBD REIT’s NAV registered $284 million, or $1.11 per share, in the third quarter of 2018.
In March 2017, ENBD REIT raised $105 million after listing on Nasdaq Dubai.
