Dividend on Shares
I had 50 nos. of shares of WOQOD at the time of declaring divind for the FY 2007-08 but i have not received dividend from WOQOD. When i did enquired in company office for non payment of my dividend that time i came to know that company is paying dividends only to those shareholders who are holding 100 or more than 100 no. of shares. I got dividends from other companies where i was holding shares less than 100.
Did any one can put some light on qatar's company act on this issue.
As a shareholder you have all the rights----but i have never heard of this thing "to issue only dividends to holders with 100 shares and above"
better go to the WOQOD office and ask the details about this----try to ask for the official documents stating this rule ----if they don't give you clear answer---go straight to DSM ( Doha Stock Market) office at grand Hamad and ask for clarification .
Bring all your documents
Yes WOQOD has declared dividend of Qr. 7/- per share but not paying to shareholders who are holding less than 100 nos. of shares. Is it legal by Qatar Company Act.
Below is the announcement of Woqod for the dividend distribution, it says QR7/share----you have the right to get your share.....
http://www.woqod.com.qa/net/eng/highlights/highlights?cont_ID=33
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(20/02/2008) QATAR FUEL COMPANY (WOQOD) DISCLOSES THE PRELIMINARY FINANCIAL STATEMENTS FOR
2007 AND RECOMMENDS 70% CASH DIVIDEDNS
Qatar Fuel Company (Woqod) announces the disclosure of the preliminary financial statements for the period ending
December 31, 2007. The financial statements revealed a net profit of QR 619 million in 2007 in comparison to
QR 431 million in 2006. The earning per share amounted to QR 20.45 in 2007 versus QR 14.4 in 2006.
The Board of Directors suggested to the company’s AGM the distribution of 70% cash dividends of the nominal value per share, equivalent to QR 7/share