Abu Dhabi’s TAQA shareholders approve new dividend policy for 2020-2022

Abu Dhabi’s TAQA shareholders approve new dividend policy for 2020-2022

ABU DHABI - Abu Dhabi National Energy Company (TAQA) announced on Monday that its shareholders have approved a new progressive dividend policy for 2020-2022.During TAQA's Extraordinary General Assembly meeting held today, the Board of Directors have approved an interim dividend payment to shareholders, the company said in a statement on Monday.For the first nine months of 2020, the dividend payment will be AED1.50 fils per share (AED1.687 billion in total).This payment will constitute the first portion of the full-year 2020 dividend, which is expected to be AED2.50 fils per share (AED2.811 billion in total), which will grow by 10 percent annually for the following two years (2.75 fils per share for 2021 and 3.00 fils per share for 2022).The dividend policy adopted recognises TAQA's increased scale and improved financial profile, resulting from its landmark transaction in July with Abu Dhabi Power Corporation (ADPower).According to the approved policy, dividends for 2020 will be paid through an interim dividend of 1.50 fils per share, which is due to be paid on 30th December, 2020, and a final dividend of 1.00 fils per share to be paid after the Annual General Assembly in 2021. Dividends for 2021 and 2022 will be paid quarterly,