FAB shareholders approve record dividends of AED8.06 billion

ABU DHABI, The shareholders of the First Abu Dhabi Bank, FAB, today approved the distribution of 74 percent cash dividends (AED0.74 per share) for the financial year ended 31st December 2018 for registered, entitled shareholders, during the General Assembly Meeting, GAM.

Owners of FAB shares registered on Thursday, 7th March 2019 (buyers on Tuesday, 5th March 2019) are entitled to cash dividends, the bank said in a press statement.

Shareholders also approved FAB’s financial statements for the year ended 31st December 2018 in addition to the bank’s proposition to increase its foreign ownership limit from 25 percent to 40 percent, subject to regulatory approvals.

Commenting on FAB’s performance, Abdul Hamid Saeed, Group CEO of FAB, said, “Consistent with our commitment to maximise shareholder returns, we are pleased to announce the distribution of 74 percent cash dividends, totalling AED8.06 Billion, an increase of six percent from last year. This is a record total for FAB and the highest dividend distribution in the UAE this year, reflecting our continued focus on delivering sustainable growth in shareholder returns.”

He continued, “Having completed our integration journey, the bank is well positioned to unlock its full potential and to continue to maximise shareholder value in 2019 and beyond. The decision to increase the foreign ownership limit is also aimed at further enhancing our liquidity and diversifying our investor base, which in addition to our other initiatives, will work towards creating greater value and opportunities for all our stakeholders.”

Source: Emirates News Agency