Developer schedules meeting to discuss this year's dividend with shareholders.
Shares of Emaar Properties tumbled to a near two-week low yesterday amid a muted response to the company's offer of a 10 fils cash dividend for 2011.
Emaar, which is listed on the Dubai Financial Market (DFM), saw its stock price fall 2.62 per cent to Dh2.97. The developer, which earlier this week announced it was expanding its board and replacing four directors, has scheduled a meeting for April 23 to discuss this year's dividend with shareholders.
Emaar also proposed a 10 per cent dividend payout for 2010 following a turbulent meeting between shareholders and executives. The company's shares have gained 19 per cent this year compared to a 23 per cent advance for the DFM General Index.
"There was a little bit of disappointment over Emaar's dividend; it was not enough to get the market moving," said Julian Bruce, head of equity sales at EFG-Hermes.