The Dubai Financial Market, DFM, announced on Monday that it has completed cash dividend distribution for the financial year 2018, with AED12.2 billion of dividends disseminated to 336,215 investors.
DFM managed the dividend distribution process on behalf of 35 listed companies and investors received their dividends via iVESTOR Card as well as bank transfer.
Commenting on the announcement, Essa Kazim, Chairman of DFM, said, "The DFM spares no effort to provide various market participants with smart and efficient solutions and further enhance its leading services. Within this context, the launch of the DDS system represented a significant boost to our cash dividends distribution service. The system enables the DFM to distribute the dividends without any human intervention through a comprehensive and continuously updated databank of investors’ details including; dividend entitlement and due amounts and previously disseminated amounts for each investor."
Worth noting, the DFM launched the electronic Dividend Distribution System, DDS, last year as part of its strategy to provide market participants with smart and efficient solutions in line with the leadership’s vision on digital transformation. This step is the most recent enhancement to DFM’s leading dividend distribution service initiated in 2011, which includes the distribution of cash dividends through iVESTOR card as well as transfer to bank accounts instead of the traditional way of cheques.