The Dubai Financial Market (DFM) has announced that it will commence the distribution of cash dividends to Tamweel shareholders for the financial year ending December 31, 2011; starting the first week of April 2012.

Tamweel earlier mandated DFM to manage this process in light of the exchange’s high efficiency and enormous capabilities in handling cash distribution, which will be carried out through three methods of payment including iVestor card, bank account transfer and cheque, said a statement.

As much as Dh50 million ($13.61 million) of cash dividends, equivalent to 5 per cent of Tamweel capital, will be disseminated to 54,000 shareholders, noting that the last day of entitlement for the company’s dividends is the end of trading session March 14th , (settlement date is on March 18th). 

Over the coming weeks, DFM is also expected to handle similar distributions for some of its listed companies. In 2011, it successfully managed the cash dividend distribution on behalf of 6 public joint stock companies. – TradeArabia News Service