Waha Capital approves 6% dividend for 2020

ABU DHABI, Shareholders of Waha Capital, an investment company in Abu Dhabi, approved a cash dividend of 6 fils per share, equivalent to 6 percent of its paid-up capital, during the company’s annual general meeting, which was held virtually on Wednesday.

At the meeting, in line with relevant regulatory requirements, shareholders also approved the appointment of the members of the board of directors for Waha Capital, said a statement issued by the company on Thursday.

Waleed Mokarrab Al Muhairi, Ahmed Al Dhaheri, Nader Al Hammadi, Rashed Al Ketbi, Mohamed Al Nowais and Rasheed Al Omaira were re-elected as members of the Board, with Homaid Al Shimmari also elected to the Board in replacement for Carlos Obeid who did not stand for re-election.

Immediately following the meeting, the Board met and re-appointed Waleed Mokarrab Al Muhairi as Chairman of the Board and Ahmed Al Dhaheri as Vice Chairman.

Commenting on the announcement, Al Muhairi said, “Last year will undoubtedly be remembered for the challenges posed to the company by the COVID-19 pandemic. However, due to an effective turnaround strategy, Waha Capital returned to profit in 2020, led by the significantly improved performance of its private Investment business and a strong contribution from its public markets division.

“The year-end returns generated by both the credit and equity funds were particularly noteworthy, and well ahead of industry benchmarks.”

Waha Capital’s Public Markets business reported a profit of AED321.4 million with the CEEMA Credit Fund and MENA Equity Fund returning 14.9 perecent and 14.1 percent respectively for 2020.

The Private Investment business contributed net profits of AED40 million, against a loss of AED835.4 million in 2019. The company had total assets of AED8.9 billion as at 31st December, 2020, compared to AED9.3 billion in 2019, said the statement.

 

Source: Emirates News Agency

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