ADNOC Distribution board of directors approves $200mn dividend

ADNOC Distribution’s board of directors has approved a resolution recommending payment of an interim dividend of $200mn ($0.016 per share), which will be submitted to a vote of the shareholders at a general assembly meeting

ADNOC Distribution operates 363 retail fuel stations and 240 ADNOC Oasis convenience stores as of 30 June 2018 in the emirates of Abu Dhabi and Sharjah.
ADNOC Distribution operates 363 retail fuel stations and 240 ADNOC Oasis convenience stores as of 30 June 2018 in the emirates of Abu Dhabi and Sharjah.

The meeting will be held in Abu Dhabi on 14 October 2018, subject to the approval of the UAE Securities and Commodities Authority (SCA).

Saeed Al Rashdi, acting Chief Executive Officer of ADNOC Distribution, commented: “The dividend our board of directors has approved reaffirms our commitment to a progressive and consistent dividend policy.

“It also reflects the strong financial results we have delivered during the first half of 2018 and our confidence in our ability to continue to deliver our strategy and on the commitments we made at the time of our initial public offering.”

“We thank our shareholders for their continued trust in us and look forward to welcoming them to our general assembly meeting.”

ADNOC Distribution, listed on the Abu Dhabi Securities Exchange (ADX) under the symbol ‘ADNOCDIST’, is a leading fuel distributor and convenience store operator in the UAE with an approximate 67% market share by number of retail fuel service stations, the largest market share in the wholesale segment, and the largest retail store network by number of sites.

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