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Dubai Electricity and Water Authority seeks shareholders’ approval to pay a one-time special dividend of Dh2.03 billion

Utility to hold its second general assembly on December 12

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Dubai Electricity and Water Authority PJSC (Dewa) has announced that the company’s second general assembly meeting will be held physically and virtually on Monday, December 12.

The assembly will vote on the recommendation of the board of directors to distribute a special one-time cash dividend of Dh2.03 billion to its shareholders. If approved, the dividend record date has been set for December 22. Shareholders should receive dividend proceeds shortly thereafter.

Saeed Mohammed Al Tayer, MD & CEO of Dewa , said that for the year 2022, Dewa intends to pay its shareholders a total dividend of Dh8.23 billion. On October 26, Dewa paid Dh3.1 billion in dividends for the first half of 2022. Dewa intends to pay a special one-time dividend payment of Dh2.03 billion (4.06 fils per share) to its shareholders. In April 2023, Dewa will pay Dh3.1 billion to its shareholders for the second half of 2022.

Details of the second general assembly meeting will be sent by e-mail and by text messages to the shareholders. Any shareholder who has the right to attend the general assembly may delegate someone from other than the board members or the staff of the company, or securities brokerage company, or its employees, to attend on his behalf as per a written delegation stating expressly that the agent has the right to attend the general assembly and vote on its decision. A delegated person for a number of shareholders shall not have more than (5 per cent) of the company issued capital after gaining that delegation. Persons lacking legal capacity and are incompetent must be represented by their legal representatives.

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