The Board of Directors of Qatar Electricity and Water Company Q.P.S.C. announced its approval of the proposal to distribute interim semi-annual dividends for the period ending on June 30, 2024, at a rate of 0.25 riyals per share, equivalent to 25% of the nominal value of the share, and to present it to the Extraordinary General Assembly to be held on 9/8/2024. The dividends will be due at the end of the trading session on the day of the Extraordinary General Assembly that approves this distribution.
The Board also recommends to the Extraordinary General Assembly to approve the proposal to amend the company’s articles of association and authorize the Board of Directors to distribute interim dividends in accordance with Qatar Financial Markets Authority Resolution No. (7) of 2023 regarding the controls for distributing dividends in joint stock companies listed on the financial markets.
This step comes with the support and guidance of His Excellency Eng. Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, CEO and Managing Director of QatarEnergy, Chairman of the Board of Directors of the company, in distributing interim dividends in the companies in which QatarEnergy has a stake and which are listed on the Qatar Stock Exchange. This will support the national economy, which is one of the basic principles of Qatar National Vision 2030.
In this context, Mr. Mohammed bin Nasser Al Hajri, Managing Director and CEO, said: “The company seeks to implement interim dividends and amend its articles of association in line with the controls for distributing profits in joint stock companies listed on the financial markets, in coordination with the relevant regulatory authorities and obtaining the necessary approvals. This will enhance investor confidence in the market, especially the outstanding performance of Qatar Electricity and Water Company.”