Tecom Group shareholders approve AED 400 million cash dividend for h2 2023 at its annual general assembly meeting

Tecom Group shareholders approve AED 400 million cash dividend for h2 2023 at its annual general assembly meeting

TECOM Group PJSC (DFM: TECOM), (the “Company” or the “Group”), the creator of specialised business districts and vibrant communities, held its Annual General Assembly Meeting at Dubai Internet City to approve key resolutions. The shareholders approved the financial statements for the year ended 31 December 2023 and a recommendation by the Board of Directors to distribute a cash dividend of AED 400 million (8 fils per ordinary share) for the second half of 2023, bringing the total amount of dividend distributions for the fiscal year 2023 to AED 800 million.
 
The approved cash dividend payment is in line with the dividend policy set out in the IPO prospectus, in which TECOM Group committed to paying a total dividend amount of AED 800 million per annum through September 2025. All matters related to future dividend distributions will be subject to the Board of Directors’ recommendation and shareholders’ approval.
 
Malek Al Malek, Chairman of TECOM Group, said: “The outstanding financial and operational performance delivered by TECOM Group in 2023 demonstrates the strength of our business model, the attractiveness of our 10 specialised business districts and also our unparalleled capabilities that enabled us to benefit from the promising opportunities presented in the UAE and Dubai.