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EFF to pay 3.5pc dividend
DUBAI - Emirates Financial Services (EFS) has announced that Emirates Flagship Fund (EFF), UAE's first and largest mutual fund has reported healthy growth during the current quarter and the supervisory board of the fund has authorised a stock dividend of 3.5 per cent.
Since January 2003, EFF has paid dividends aggregating to 31.1 per cent. Since mid-2002, the fund will have distributed, along with the proposed dividend, an aggregate of 38.5 per cent in cash and stock dividends.
The UAE stock market has been performing well with good corporate earnings momentum and excellent shareholders' payout in terms of bonus shares and cash dividends.
Suresh Kumar, general manager of EFS, said that periodic dividend distribution remains a key objective of the fund. EFF launched in 1997 has a current net asset value of Dh325 million. The fund remains cautiously optimistic about the prospects for the UAE stock market, according to Fawzi Sarhan, the chief operating officer of Emirates Funds. While there will be periodic corrections that represent good opportunities for profit taking and selective buying, he anticipated a good flow of new subscriptions and investment by UAE and AGCC residents.
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