Middle East Business: Zain announces $150m semi annual cash dividends for H1 – Gulf Digital News

Middle East Business: Zain announces $150m semi annual cash dividends for H1 – Gulf Digital News

Zain Group, a leading mobile telecom operator in seven markets across Middle East and Africa, has approved the recommendation of the board of directors to distribute semi-annual cash dividends worth KD43 million ($150 million), equivalent to 10 fils per share, for the first half of the current fiscal year. 

 

Announcing this at the company’s ordinary general assembly in Kuwait today (October 12), Zain said these cash dividends form part of the company’s commitment to distribute annual dividends of a minimum 33 fils per share annually that commenced in 2019, in a move described as unprecedented at the time. 

 

Today’s approval by the OGA represents a cash dividend distribution of KD43 million ($150 million) and signifies Zain as the first listed company in Boursa Kuwait’s ‘Premier’ market to pay out semi-annual cash dividends, it added.

 

Zain Vice-Chairman and Group CEO Bader Al Kharafi said: "The dividend policy decision is one of the most important taken by the company's board. This step gave a clear indication to the strength of our financial solvency, and the company's ability to execute on its strategic investment and financial plans. Moreover, Zain’s FinTech aspirations are aimed at obtaining a digital banking license and be the first Telco-led challenger bank