Abu Dhabi Ship Building Company to split share
Posted: 26 April 2006
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The extraordinary general assembly meeting of Abu Dhabi Shi Building Company (ADSB) has decided to split the company's share value from AED10 to AED 1, a WAM report said.
It was also decided to allow individual investors to hold more than 5% of issued shares and to open doors to foreign investors to own 25% of the shares.
Last week, shareholders approved the board's proposal to distribute 15% cash dividend payable to the shareholder as of April 25. During 2005, the company posted AED 46 million profits, up from AED38 million in 2004.
Contracts revenues reached AED577 million with total assets accounting for AED893 million and liabilities AED653 million, compared with AEd708 million in the previous year.
Posted by Editor Offshore Arabia Magazine
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