Emirates Flagship Fund authorizes five percent stock dividend
Emirates Financial Services (EFS) and Emirates Funds have reported that the Emirates Flagship Fund has recorded a recorded a healthy growth during the current quarter.
The fund's Advisory Board has authorized a further stock dividend of five percent as at March 18, 2004. Since January 2003, EFF has paid dividends aggregating to an annualized rate of about 26.14 percent. Since mid-2002, the Fund has distributed over 30 percent dividends and therefore, with the proposed dividend, the payout will aggregate to about 35 percent to date.
Emirates Flagship Fund was launched in 1997 and remains the largest mutual fund in the United Arab Emirates (UAE) with a current net asset value exceeding 300 million Emirati dirhams ($81 million). — (menareport.com)
© 2004 Mena Report (www.menareport.com)