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SCA launches new service to help shareholders inquire about unclaimed dividends in UAE

SCA launches new service to help shareholders inquire about unclaimed dividends in UAE
7 May 2024 15:07

ABU DHABI (ALETIHAD)


As part of its efforts to ensure that shareholders of locally listed public joint stock companies claim their dividends dating back to before March 2015, the Securities and Commodities Authority (SCA) announced the launch of a new service on its website, www.sca.gov.ae, that helps shareholders check to see if their names are among those entitled to dividends in an easy and simplified manner.

By launching this service, the SCA aims to reach a larger segment of entitled shareholders to urge them to submit payment requests to the paying agent it appointed (i.e. Abu Dhabi First Bank). The service helps provide preliminary information about whether the shareholder has any unclaimed dividends, in which case a payment request can be submitted with ease and efficiency.

Dr. Maryam Al Suwaidi, SCA’s CEO, stressed that the SCA always makes sure to harness its full potential and dedicate its resources to provide quality and priority services to the public. As to unclaimed dividends, the SCA has been making its best effort to reach shareholders by introducing a service that helps them check to see whether they are entitled to dividends dating back to before March 2015.

Al Suwaidi said that in collaboration with its strategic partners, the SCA has been making tireless efforts to reach entitled shareholders and encourage them to claim their dividends, indicating that providing first-class services to meet shareholder expectations as well as the standards set by the wise government are top priorities.

Through this inquiry service, shareholders can check to see if they have unclaimed dividends that date back to before March 2015 by entering their names in the dedicated search field. The system will then display results that match the SCA’s lists of entitled shareholders.

Procedure

The SCA explained that shareholders whose names appear in the search results can go ahead and submit their payment request to Abu Dhabi First Bank, which will examine the request, determine entitlement, and transfer the dividends to the shareholder within five business days of its receipt of the required documents, in line with the procedures and requirements specified.

Based on the above, the SCA calls on shareholders to make use of this service and stresses that the search results will only show if shareholders have unclaimed dividends with no further information or data.

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