Salik PJSC Announces AGM and Dividend Plans
Salik Company PJSC prepares for its upcoming Annual General Assembly, revealing key financial decisions and dividend distributions.
Summary
Salik Company PJSC invites shareholders to its Annual General Assembly, where key financial reports and dividend distributions will be discussed.
Salik Company PJSC, the exclusive toll gate operator in Dubai, has announced its upcoming Annual General Assembly Meeting (AGM), scheduled for April 9, 2025. The meeting will be held both virtually and physically at the Palazzo Versace in Dubai, providing shareholders the opportunity to engage and vote on critical company matters.
The agenda for the AGM includes the approval of the Board of Directors' report on the company's activities and financial position for the fiscal year ending December 31, 2024. Shareholders will also review and approve the auditor's report, balance sheet, and profit and loss account for the same period.
A significant highlight of the meeting will be the discussion and approval of cash dividends amounting to AED 619,836,000, representing 100% of the distributable net profit for the second half of 2024. This follows a previous distribution of AED 544,724,713 for the first half of the year, bringing the total dividends for 2024 to AED 1,164,560,713.
Furthermore, the meeting will address the discharge of the Board of Directors and auditors from liability, approval of the Board's remuneration, appointment of external auditors for 2025, and the election of Board members for the 2025-2028 term.
Salik's strong financial performance and commitment to shareholder returns through substantial dividend distributions highlight its stable position in the market. However, potential investors and current shareholders should consider the broader economic and regulatory environment in Dubai, which could impact future performance.
Given Salik's strategic importance and stable revenue model, the recommendation is to hold the stock, allowing investors to benefit from its consistent dividend payouts while monitoring for any significant market changes.
Source
Summary
Salik Company PJSC invites its shareholders to attend the Annual General Assembly Meeting on April 9, 2025, at 12:00 PM, which will be held both virtually and physically at the Palazzo Versace in Dubai. The meeting will address several agenda items, including the approval of the Board of Directors' report, the auditor's report, the company's financial statements, and a proposal for cash dividends distribution totaling AED 1,164,560,713 for 2024. Other matters include discharging the Board and auditors from responsibilities, appointing external auditors for 2025, and electing Board members for the 2025-2028 term. Shareholders can register and vote electronically through www.smartagm.ae from April 2 to April 9, 2025. Proxies are allowed under certain conditions, and the meeting requires a quorum of at least 50% of the company's capital. If the quorum is not met, a second meeting will occur on April 16, 2025. Shareholders can access financial documents and governance reports on the company's and DFM's websites.
