27. Share capital and premium
Issued and paid up:
2,170.7 million shares of AED 1 each (2006: 1,973.4 million shares
of AED 1 each) 2,170,740 1,973,400
For the year 2006, the Board of Directors had proposed to issue bonus shares in the ratio of 1:10 (1
share for every 10 shares held). The bonus issue of 197.3 million shares at AED 1 each took place in
the current year.
During 1998, 5,474 unallocated shares were sold at the prevailing market price to an existing
shareholder, at a premium of AED 46,000.
For the year 2007, the Board of Directors has proposed a cash dividend of 10 %.
During the Extraordinary General Meeting held on 13 November 2005, it was resolved to issue right
shares in the ratio of 2:1 (2 shares for every 1 share held) at par. The Company issued right shares in
the ratio of 1:1 in 2006 and the right issue for the remaining shares (858 million shares) is expected
to take place in 2008 at par.
dessotg wrote:If i get it right, the issue of shares is gonna be for shareholders registered in 2005, regardless if they hold DIC shares at present...?
indigo wrote:Will there be reduction in price post rights?
sam111sam wrote:Anyway, the local market does not value any stock based on P/E only,
zayda wrote:Taking PE, then DIC should be the most attractive buy.
birdman wrote:Excuse my ignorance
birdman wrote:So how do we take up our rights and buy shares at 1 dhs each?
zayda wrote:So it is real profits.
sharewadi wrote:A large proportion of DIC profits come from revaluation of land (and other assets I think). That's usually less attractive than making real cashflow from operations - something DIC have struggled to do in the past couple of years with costs rising more than revenue. I'd say this is way the market places a low valuation on DIC shares.
dessotg wrote:I would disagree that revaluation of properties is large portion of their income (12.67%)
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