05 February 2014
Reference is made to our announcement dated 7 July 2013 informing shareholders of the change in our financial year from 1 April – 31 March to 1 January – 31 December to maintain consistency with that of our majority shareholder, BTC Islands Limited (Batelco Group).
In the previous dividend policy of Dhiraagu (which follows the previous accounting period), dividend was declared in two tranches, Interim Dividend in September and Final Dividend in March. To this effect, a Standing Resolution was passed at the Annual General Meeting held on the 12th of August 2013, authorizing the Board of Directors to declare an interim dividend for the year 2013.
However, we wish to inform our shareholders that the Board of Directors of Dhiraagu has resolved that, in order to ensure consistency in future dividend payouts whilst still maintaining two dividends in the new financial years, no interim dividend will be paid out for the 9 month ending 31st December 2013. This is because the final dividend declared and paid for the financial year ending March 31, 2013 included one quarter of 2013.
The next dividend declared will be the final dividend of 2013 based on the financial performance as at 31st December 2013 and paid out after approval by the shareholders at the next AGM early in 2014. We reassure our Shareholders that when dividend is declared in the next AGM, due consideration will be given to the fact that our shareholders have waited six months to receive a dividend – as a result of the change of the financial year of the Company.
Dhiraagu Investor Relations
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Manager Investor Relations