Qtel board of directors recommend distribution of 100% cash dividend for 2008
Following a meeting of the Board of Directors of Qatar Telecom QSC (“Qtel”) (Ticker: QTEL.QA), His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of Qtel, today announced the Board of Directors’ recommendation for the dividend payment to shareholders for 2008.
Based on the outstanding results generated by Qtel during the first nine months of the year and the anticipated profit for the remainder of 2008, the Board has decided to recommend to the General Assembly of Shareholders, the distribution of a cash dividend of 100% of the nominal value per share.
Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of Qtel, said: “In the first nine months of 2008, Qtel’s net profit – at QR 1.83 bn – was more than any full-year net profit in the company’s history. We also acknowledge the strong support from our shareholders who overwhelmingly subscribed to our rights issue in June 2008.”
“As a result of the excellent performance in 2008 and our confidence in Qtel’s ability to achieve sustained growth in profits in the future, we are pleased to recommend this annual dividend to the General Assembly.”
“Qtel is well on track to achieve its vision of becoming one of the world’s top 20 telecommunications company by 2020 and will continue to invest in quality growth assets in future to enhance shareholder value. In line with the above long term ambition, Qtel will annually review and follow a dividend policy that balances the dividend payments to shareholders as well as investing back profits for future growth.”
The Board’s recommendation is subject to the approval of the regulatory authorities in the State of Qatar and the General Assembly of Shareholders.
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