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Daman declares dividend

DUBAI - Daman UAE Value Fund, a closed-ended, offshore mutual fund focused on the UAE stock market yesterday declared a dividend of Dh2.50 per share for the third quarter of 2003 ,which is a record of uninterrupted quarterly dividend distribution since its inception in July, 2001. Even the results for the month of September and overall third quarter was remarkable at a growth rate of 15.61 per cent.

Mr Shehab M Gargash, Fund Director, said: "We are pleased to announce one of our strongest quarters since our inception. These results have been achieved on the back of a buoyant local market scene, without compromising the conservative stance that we have insisted upon ever since day one."

"We are comfortable of our ability to continue paying quarterly dividends prospects to our investors. Our run of strong results has enabled us to consolidate our Dividend Reserve Account which holds about four future dividend payments at current levels for the year ahead. This puts us in a very comfortable liquidity situation as we head towards 2004," added Mr Gargash.

The Fund grew 5.73 per cent during September, which brings the year-to-date performance during this year to 26.79 per cent and an overall 67.86 per cent since its formation more than two years ago. The Fund's uninterrupted payment of quarterly dividend has been one of its most distinguished features from day one.