The firm also said that it would conduct a 20 percent rights issue after the distribution of the bonus shares
This is in addition to an interim cash dividend of 50% already paid to the shareholders, bringing total distribution for the financial year 2011-12 to 115 percent cash dividend and 25 percent bonus shares
The bank said the cash dividends of $30.43 million equals to 3.5 cent per share (3.5 per cent of issued capital), while the stock dividends of $144.93m equal to one bonus share
for every six shares (16.67 per cent of issued capital).
BANKING AND CREDIT NEWS-March 1, 2012--First Gulf Bank announces USD408m bonus share
issue(C)2012 M2 COMMUNICATIONS http://www.m2.com
The agenda includes the cash dividend to shareholders registered on the date of the meeting and issuing one bonus share
for every 16 fully paid-up shares to the shareholders registered on the date equal to 6.25 per cent of the issued and paid-up capital.
TRC has further proposed that bonus shares
shall be excluded from the definition of income, or the rate of taxation should be 1 per cent.
The investment bank sees a 13 per cent upside for NBAD, after adjusting its fair value from AED 14.40 per share to AED 13.10 per share to incorporate the 10 per cent bonus shares
This is equivalent to Dh0.10 per share representing 500 million bonus shares
on the five billion shares that make up its capital, the company said in a filing to the Dubai Financial Market.
The bank will raise the capital through the issue of bonus shares
Arabtec also proposed a 2013 cash dividend of 0.1 fils per share plus bonus shares
worth 30 per cent of share capital.