EITC Announces Dividend and AGM Details
Emirates Integrated Telecommunications Company PJSC reveals key details for its upcoming General Meeting, including dividend announcements.
Summary
EITC is set to hold its General Meeting on March 17, 2025, discussing financial reports, dividend payouts, and other key agenda items.
Emirates Integrated Telecommunications Company PJSC (EITC), a leading telecommunications provider in the United Arab Emirates, has announced the agenda for its upcoming General Meeting (GM) scheduled for March 17, 2025. This meeting will be pivotal as shareholders are invited to review and approve the company's financial performance for the fiscal year ending December 31, 2024.
The agenda includes several crucial items, such as the approval of the Board of Directors' report, the auditors' report, and the company's financial statements. A significant highlight is the proposed dividend distribution of AED 0.34 per share for the second half of 2024, culminating in a total dividend payout of AED 0.54 per share for the year.
This dividend proposal reflects EITC's commitment to delivering value to its shareholders, representing 54% of the nominal value of the share. The approval of this dividend will be a key point of interest for shareholders, as it indicates the company's robust financial health and its strategy to sustain shareholder returns.
Other items on the agenda include the discharge of the Board of Directors and external auditors from liabilities for the fiscal year 2024, along with the appointment of external auditors for 2025. Additionally, the meeting will consider voluntary contributions to the community, emphasizing EITC's dedication to corporate social responsibility.
Shareholders are encouraged to participate in the meeting either in person or virtually, with electronic registration available prior to the event. This flexibility underscores EITC's commitment to inclusivity and transparency in its corporate governance practices.
From an investment perspective, the proposed dividend payout and the company's steady financial performance make EITC a stable holding for investors. However, given the neutral outlook, it may be prudent for investors to 'hold' their positions and monitor upcoming developments in the company's strategic initiatives and market conditions.
Source
Summary
The Board of Directors of Emirates Integrated Telecommunications Company P JSC invites shareholders to the General Meeting on March 17, 2025, at the company's headquarters in Dubai and virtually. The agenda includes reviewing and approving the Board of Directors' and auditors' reports, financial statements, and dividend distribution of AED 0.54 per share for 2024. Other items include approving the dividend policy, discharging liabilities of the Board and auditors, approving Board remuneration of AED 12,690,000, appointing auditors for 2025 with fees of AED 2,200,000, and considering community contributions. Shareholders may attend in person or virtually, with electronic registration required for virtual attendance. Proxy representation is allowed under specific conditions. The meeting requires at least 50% shareholder representation for validity, and a second meeting is scheduled if quorum is not met. Shareholders registered by March 14, 2025, can vote, and those registered by March 27, 2025, are eligible for dividends. Financial documents are available on the Dubai Financial Market and company websites.
