Shareholders of Dubai's Emaar Property have approved the proposed 20 per cent dividend for 2007, the company's chairman said on Wednesday.
"Because of our desire to expand 20 per cent dividend is good. If there is no money to expand then what would be the future of the share and the company," Mohamed Alabbar told reporters after the meeting.
Some shareholders pushed for a higher dividend of about 25 per cent and a bonus share issue during the company's annual general assembly.
When Emaar proposed the disappointing dividend for 2007 last month, it was criticised to have created a communication gap between the management and the shareholders.
Last year, a similar 20 per cent cash dividend disappointed investors, sending Emaar shares plunging more than five per cent the next day. (Reuters)
Emaar shareholders approve '07 dividend