The Board of Directors of Qatar Electricity and Water Company Q.P.S.C (“QEWC”) announces its approval of the proposed distribution of interim cash dividends for the period ended 30/06/2024 at the rate of QR 0.25 per share, equivalent to 25% of the nominal value, and recommended for shareholder approval at the Extraordinary General Assembly meeting to be held on September 8, 2024. These interim dividends shall be entitled for the shareholder who owns shares at the end of the trading session on the day of the Extraordinary General Assembly meeting that approves this distribution.
The Board of Directors recommended to the shareholder to approve the amendment of QEWC Articles of Association to authorize the Board of Directors to distribute interim dividends, in accordance with Qatar Financial Markets Authority’s Board of Director Decision No. (7) of 2023 Concerning Rules of Dividend Distribution in Shareholding Companies Listed on the Financial Markets.
This step, with the guidance and support of His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, president and CEO of QatarEnergy, chairman of QEWC Board of Directors. to support distribution of dividends on a semi-annual basis by the companies that are listed on Qatar Stock Exchange, in which QatarEnergy is a shareholder. that reflect positively on the national economy, which is one of the key pillars of Qatar National Vision 2030.
Mohammed Nasser AL-Hajri, Managing Director and Chief Executive Officer said:
“The company seeks to distribute the interim dividends and amend its Article of Association to adhere to the rules of dividend distribution in shareholding companies listed on the financial markets upon obtaining the necessary regulatory approvals. The distribution of interim dividends will enhance investors’ confidence in the market and on the outstanding financial performance of the company.”