Waha Capital AGM approves 17.5 per cent dividend

27/03/2018 05:55 AST

Shareholders of Waha Capital approved a cash dividend of 17.5 fils per share, equivalent to 17.5 per cent of its paid-up capital at the company's Annual General Meeting (AGM) on Sunday. The company has initially proposed a dividend of 15 per cent. However, at the AGM it was decided to increase the dividend.

Waha Capital reported a 2017 net profit of Dh425.9 million, an increase of 4.6 per cent over the previous year. It has investments in aviation leasing, oil and gas services, fintech, real estate and infrastructure.

Shareholders at the AGM also elected a new board of directors that comprises Salem Rashid Al Nuaimi, Ahmad Al Dhaheri, Rasheed Al Ketbi, Mohammad Al Nowais, Carlos Obeid, Rasheed Al Omaira and Khalid Al Shamlan with Salem Rashid Al Nuaimi elected as the new Chairman and Ahmad Al Dhaheri as vice-chairman at a meeting of the Board following the AGM.

Michael Raynes, who has held various positions at Waha Capital for over ten years, was appointed as the Chief Executive Officer. Meanwhile, Waha Capital, listed on Abu Dhabi bourse, is looking at a number of deals in Saudi Arabia including opportunities in health care, fintech and consumer finance, the outgoing chairman of the firm said.

"There are a number of deals we are looking at in Saudi Arabia. There will be opportunities in health care, fintech and also consumer finance. Discussions are going on currently," said Hussain Jasem Al Nowais, speaking to reporters after the Annual General Meeting in Abu Dhabi on Sunday evening.

He also said there will be a good appreciation in value of Waha investments when the economy picks up this year. "I am leaving Waha in good hands. The future is bright." In 2017, the company divested its stake in NPS Holding Limited to a private group based in Saudi Arabia and Nasdaq listed entity, National Energy Services Reunited Corp in cash and shares transaction. It also acquired a 20 per cent stake in Dubai based fintech firm Channel VAS for Dh200.5 million.

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