March 26, 2020 / 8:30 AM / 9 days ago

ADNOC Distribution proposes $700 mln dividend for 2020 and 2021

DUBAI, March 26 (Reuters) - ADNOC Distribution has proposed an annual dividend of 2.57 billion dirhams ($700 million) for 2020 and 2021, and a shift to its previous policy of a dividend equal to 75% of distributable income in 2022 onwards.

ADNOC Distribution’s shareholders will meet on March 31 to vote on the proposal, the company said in a statement late on Wednesday.

It paid a total dividend of 2.39 billion dirhams in 2019.

The proposal has come from state oil giant Abu Dhabi National Oil Co (ADNOC), which owns 90% of the company. ADNOC Distribution was listed in 2017.

“The requesting shareholder confirmed its continued support of the dividend policy position for 2020, and expressed its rationale for the request to amend the dividend policy for 2021 onwards as being its trust in the company’s strong financial position,” it said in statement.

The company’s stock was trading 7% higher on Thursday, outperforming a 2.3% decline in the benchmark Abu Dhabi index in early trade.

$1 = 3.6726 UAE dirham Reporting by Saeed Azhar; Editing by Mark Potter

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