Since inception, Solidere has distributed dividends in 13 out of its 22 years of operations for a total value of US$ 1.2 billion, out of an aggregate net income of US$ 1.6 billion. Solidere stands by its commitment to distribute dividends to shareholders depending on the level of profits and available liquidity after providing for capital expenditure towards infrastructure and real estate development projects.
AGM Resolutions – 2016
The General Assembly of Solidere shareholders convened their annual meeting on June 27th 2016 and approved the financial results for fiscal year 2015, in the presence of the Company’s Board of Directors.
The Chairman of the Board of Directors stated that despite the results of last year, 2016 is showing positive and encouraging indications, as land sales in Beirut reached $158 million up to date and are expected to exceed $211 million by the end of the year. The encouraging financial forecasts of Solidere International (SI), resultant from the projects that will be completed within 2016 in Saudi Arabia and the United Arab Emirates, show positive indications as well; the Chairman stated that Solidere International’s cash inflows in the next three years will reach about $750 million and are expected to be mostly distributed to shareholders. Solidere owns about 39% of Solidere International’s share capital.
Based on the above, the General Assembly resolved to distribute dividends to its shareholders from its retained earnings totaling about $35 million, through the distribution of one share for every 80 shares and $0.10 per share to shareholders of record of July 18th 2016, making the ex-dividend date July 14th 2016. The payment of dividends will start at the Company’s offices on October 3rd 2016.
Solidere also presented its ongoing projects in Beirut and emphasized the solid financial state of the Company as well as affirmed the prudent investment in Solidere International where the latter is showing noticeable growth through its diversified projects portfolio and its sound cashflow strategy.
|Declaration Date||Div./Share||Payment Date||Declared Dividends (USD)||Payout Ratio||Div. Yield*|
|23-Jun-03||Stock Dividend (1:40)||21-Jul-03||19,625,550||47.70%||2.50%|
Stock Dividend (1:30)
Stock Dividend (1:50)
Stock Dividend (1:50)
Stock Dividend (1:80)
|*Based on Declaration Date Share Price|