ENBD REIT to distribute $5m interim cash dividends

ENBD REIT to distribute $5m interim cash dividends

UAE – Mubasher: ENBD REIT has received the approval of the DIFC Courts to cut its share capital to facilitate the distribution of interim dividends valued at $0.0194 per share or $4.85 million.

The company, the Shari'a compliant real estate investment trust managed by Emirates NBD Asset Management Limited, will pay out the interim cash dividends from the net rental income generated during the six-month period, according to a press release on Sunday.

The dividends accounted for 80% of recurring net rental income to accommodate a cash reserve to face market fluctuations as well as capital projects planned across the portfolio.

On 22 December 2020, ENBD REIT's shares will become ex-dividend, and the due date for the interim dividends is set on 23 December 2020.

Meanwhile, the interim dividend will be paid to the shareholders on 6 January 2021.