General Assembly decides not to distribute dividends
19/03/2014 07:54 AST
First Dubai Real Estate Development Company yesterday morning held its Ordinary and Extraordinary General Assembly for the financial year ending on Dec 31, 2013, with the rate of attendance up to 90.81%, in the meeting room at the Ministry of Trade and Industry. The meeting was held in the presence of a number of the company’s shareholders and representatives of the local press and media. Abdul Aziz Bassem Al Loughani, the Chairman of the Board of Directors, opened the General Assembly Meeting by reading the report of the Board, through which he stressed that the company had exerted strenuous efforts throughout the last year to achieve the interest of the company, its shareholders and customers.
Al Loughani pointed out the company’s positive financial results over the past year, after the completion, delivery and sale of a large number of real estate units in the Emirate of Dubai, including residential villas in “The Villa” Project in Dubai Land. The company succeeded in selling office spaces within “The Business Avenue” Project in Jumeirah Lakes. Additionally, an occupancy rate surpassing 95% was achieved in the “Sky Gardens” Project in Dubai International Financial Centre. He stressed that First Dubai Company is moving ahead towards the preparation of a strategic plan through which it intends to develop new projects and engage in feasible investments, in light of the financial stability and real estate recovery, and due to the solid financial base of the company: it owns strong assets amounting to KD 72.6m in 2013, compared to KD66.4m in the previous year. The total liabilities were KD13.8m in 2013 compared to KD 15.2m in 2012.
He said that the company holds tremendous assets which are intended to be developed in the near future, including residential and commercial land draft in “Shams Abu Dhabi”, located in Al Reem Island, which the company is studying the possibility of redeveloping with other investors. The company is also currently working on the development of middle-housing residential vouchers in the “Q-point” Project, within Liwan Residential System in the Emirate of Dubai.
Succeeded
Al Loughani reviewed the company’s financial results, saying that First Dubai has succeeded in achieving a net profit that stood at KD 6.7m at the end of last year, with earnings per share up to 6.73 fils, compared to 0.79 fils in the same period last year. First Dubai Real Estate Development saw operating revenues amounting to KD 5.3m in 2013, compared to KD 2.76m in 2012, representing a 92-% rise. The revenues of the sold projects surged 135%- to KD 3.8m in 2013, compared to KD 1.6m in 2012.
The Ordinary General Assembly of First Dubai Real Estate Development Company listened to and approved the report of the Board of Directors for the financial year ending on December 31, 2013. They also listened to and approved the Auditor’s Report along with the financial statements for the fiscal year ending in that same period.
Transactions
First Dubai Assembly approved the Board of Directors to complete the transactions with the relevant parties. They also approved the recommendations of the Board to not distribute dividends for the fiscal year ending on December 31, 2013, and further approved remuneration of the members of the Board amounting to KD 40 thousand for the completed fiscal year.
The Assembly also approved the Chairman or a member of the Board of Directors, to commercialize for the company or any activity practiced by the company, in accordance with article 228 of the Companies Act 2012 No. 25 and article 16 of the statute. They also authorized the Board to purchase or sell shares of the company, but not to exceed 10 percent of the number of its shares, in accordance with article 175 of the law 25 for the year 2012 and the instructions of the Capital Markets Authority which organize the shareholding corporate purchasing to its shares (Treasury Sha
Arab Times
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