Amanat Holdings Calls for General Assembly to Approve Dividends

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Amanat Holdings PJSC has announced its upcoming General Assembly meeting to discuss key resolutions, including interim cash dividends and amendments to its Articles of Association.

Amanat Holdings Calls for General Assembly to Approve Dividends

Summary

Amanat Holdings PJSC invites shareholders to a General Assembly meeting to approve interim cash dividends and amend its Articles of Association.

In a recent press release, Amanat Holdings PJSC has announced its forthcoming General Assembly meeting scheduled for September 18, 2024. The meeting will be held both in person at the Dubai World Trade Centre and through electronic participation, providing shareholders with the flexibility to attend as per their convenience.

The agenda for the meeting includes several critical resolutions. Among the ordinary resolutions, shareholders will vote on the appointment of the meeting rapporteur and Dubai Financial Market (DFM) as the collector of votes. Additionally, the Board of Directors has proposed the distribution of interim cash dividends amounting to seventy-five million UAE Dirhams (AED 75m), equivalent to three percent (3%) of the company’s share capital. This translates to three fils per share, which is a positive move for shareholders looking for immediate returns on their investments.

Furthermore, the General Assembly will consider special resolutions to amend the company’s Articles of Association. The first amendment pertains to Article 14(b), which, if approved, will authorize the Board of Directors to adopt and implement resolutions related to the distribution of interim dividends. This change aims to streamline the dividend distribution process, making it more efficient and responsive to the company’s financial performance.

The second amendment involves Article 27, which governs the issuance of Board resolutions by circulation. The proposed changes will remove the cap on the number of times resolutions can be issued by circulation annually, allowing for greater flexibility in urgent decision-making processes. This amendment is designed to enhance the agility of the Board of Directors in responding to dynamic market conditions.

The press release also outlines the procedural aspects of the General Assembly meeting, including the rights of shareholders to appoint proxies, the electronic registration and voting process, and the conditions for the validity of the meeting. Notably, the meeting will only be considered valid if attended by shareholders representing at least fifty percent (50%) of the company’s share capital. In case the quorum is not met, a second meeting will be convened on September 25, 2024, which will be deemed valid irrespective of the number of shareholders present.

Given these developments, the upcoming General Assembly meeting is poised to be a significant event for Amanat Holdings PJSC. The proposed interim dividends and amendments to the Articles of Association reflect the company’s commitment to enhancing shareholder value and operational efficiency. These measures, if approved, could potentially bolster investor confidence and positively impact the company’s stock performance.

However, it is essential for investors to consider the broader market conditions and the company’s long-term strategic plans before making any investment decisions. While the interim dividends offer immediate financial benefits, the amendments to the Articles of Association indicate a focus on long-term operational flexibility and governance.

In conclusion, shareholders and potential investors should closely monitor the outcomes of the General Assembly meeting. The proposed resolutions, if passed, could pave the way for a more agile and shareholder-friendly governance structure, making Amanat Holdings PJSC an attractive investment option in the medium to long term. Therefore, the current recommendation is to hold the stock and await further developments from the General Assembly meeting.

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Source

Reminder: General Assembly of AMANAT is being held on 18/09/2024

Summary

Amanat Holdings PJSC's Board of Directors is inviting shareholders to a General Assembly meeting on Wednesday, 18 September 2024, at 3:00 PM, both in person at the Dubai World Trade Centre and via electronic participation. The meeting agenda includes: **Ordinary Resolutions:** 1. Approve the appointment of the meeting rapporteur and Dubai Financial Market as vote collector. 2. Approve the Board's proposal to distribute interim cash dividends of AED 75 million (3% of share capital) for the period from 1 January to 30 June 2024. **Special Resolutions:** 1. Amend Article 14(b) of the Articles of Association to authorize the Board to implement interim dividend distributions. 2. Amend Article 27 to allow the Board to issue resolutions by circulation with the approval of all members and required documentation. **Notes for Shareholders:** - Shareholders can appoint proxies, except for Board members, company employees, or securities brokers. - Proxies must be notarized or certified by authorized entities. - Corporate entities can delegate representatives to attend. - Electronic registration, attendance, and eVoting details will be provided via SMS one day before the meeting. - Shareholders registered by 17 September 2024 can vote; those registered by 30 September 2024 will receive dividends. - Financial statements and reports are available on the Dubai Financial Market and Amanat websites. - The meeting requires a 50% quorum; if not met, a second meeting will be on 25 September 2024. - Shareholders should update their contact details and dividend payment methods with Dubai Financial Market. - Special resolutions require a three-quarters majority vote. - Guides on investor rights and women on the Board are available on the Securities and Commodities Authority website.

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