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ORDINARY GENERAL ASSEMBLY 7th September, 2022

Company: Mannai Corporation
Release Date: September 7, 2022

Qatar, 7 September, 2022 – Mannai Corporation QPSC (Qatar Exchange: MCCS) today held an Ordinary General Assembly meeting via video conferencing in Doha at 6.30 p.m. to propose an interim dividend to be distributed to shareholders following the successful sale of the wholly owned subsidiary, Inetum S.A. (formerly known as GFI Informatique) on 20th July 2022.

In this Ordinary General Assembly, the shareholders approved the distribution of an interim dividend of QR 3.15 per share amounting to QR 1,437 Million in total to be distributed to shareholders, funded entirely from the surplus cash realised from the sale of this subsidiary, after settling the related bank financing.

The sale of Inetum S.A. generated EUR 1,053 Million in total cash proceeds, enabling the approved interim dividend as well as the repayment of all loans related to the acquisition, reducing the Corporation’s total bank debt by QR 4.04 Billion from QR 8.07 Billion as of 31st December 2021 to QR 4.03 Billion as of 31st July 2022 subsequent to this transaction.

H.E. Sheikh Suhaim Bin Abdulla Al Thani, Vice Chairman of Mannai Corporation, chairing the meeting stated:

“…since listing on the Qatar Exchange 15 years ago, it has been Mannai Corporation’s stated policy that dividends are an important part of delivering value to our shareholders and investors. Over these 15 years, Mannai Corporation has so far paid QR 2.23 Billion in dividends. After payment of the proposed interim dividend, I am pleased to say that total dividends distributed by Mannai to its shareholders will rise to QR 3.63 Billion since listing in 2007.”

 

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