ABU DHABI, -- The Dubai Financial Market, DFM, has distributed AED 12.4 billion in cash dividends for the fiscal year 2016 on behalf of 35 companies, a growth of 12.7 percent over 2015's AED11 billion, which were distributed by 27 companies, according to official figures released by the DFM.

According to the DFM, the distribution of dividends is expected to exceed AED13 billion before the end of this month, as some companies are still in the process of transferring their planned dividends to the market, to manage their distribution to shareholders.

The market announced that the cash dividends distributed to shareholders on behalf of 35 listed companies were made through approved electronic methods such as the iVESTOR card and direct bank transfers to investor accounts, in accordance with the decision of the Securities and Commodities Authority, SCA, to stop the use of checks in the distribution of the dividends.

The SCA made a decision in 2015, whereby companies listed at financial markets have to transfer cash dividends to their shareholders through the financial market bank account.

Source: Emirates News Agency