Mannai Corporation Approves Distribution Of Interim Dividend Of QR3.15 Per Share
(MENAFN- The Peninsula) The Peninsula
Doha: Mannai Corporation yesterday held an Ordinary General Assembly meeting via video conferencing where shareholders proposed and approved the distribution of an interim dividend of QR3.15 per share amounting to QR1,437m in total to be distributed to shareholders.
During the event, the shareholders proposed the said interim dividend to be distributed to shareholders following the successful sale of the wholly owned subsidiary, Inetum SA (formerly known as GFI Informatique) on July 20, 2022.
The distribution of interim dividend will be funded entirely from the surplus cash realised from the sale of the subsidiary, after settling the related bank financing.
The sale of Inetum SA generated €1,053m in total cash proceeds, enabling the approved interim dividend as well as the repayment of all loans related to the acquisition, reducing the Corporation's total bank debt by QR4.04bn from QR8.07bn as of December 31, 2021 to QR4.03bn as of July 31, 2022 subsequent to the transaction.
Sheikh Suhaim bin Abdulla Al Thani, Vice-Chairman of Mannai Corporation, chairing the meeting stated:“Since listing on the Qatar Exchange 15 years ago, it has been Mannai Corporation's stated policy that dividends are an important part of delivering value to our shareholders and investors. Over these 15 years, Mannai Corporation has so far paid QR2.23bn in dividends. After payment of the proposed interim dividend, I am pleased to say that total dividends distributed by Mannai to its shareholders will rise to QR3.63bn since listing in 2007”.
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