MPHC signs CBQ to distribute dividends

March 27, 2014 - 5:14:49 am
Al Subaey (left) and Al Raisi exchange dividend distribution agreement documents yesterday.Salim Matramkot

 

DOHA: Mesaieed Petro-chemical Holding Company (MPHC) yesterday inked a distribution agreement with Commercial Bank (CBQ) for dividends declared for 2013 to 2016.

The agreement was signed by Abdullah Saleh Al Raisi, CEO of Commercial Bank and Khalid Al Subaey, Chief Coordinator for MPHC at the Commercial Bank headquarters. 

“At MPHC, we are committed to selecting strategic partners who can shoulder dividend distribution responsibly and professionally, while still delivering excellent value for money; we believe that these are all qualities Commercial Bank can offer us and our shareholders,” said Al Subaey. 

“For MPHC, this is the maiden year for dividend distribution after its listing on February 26, 2014. MPHC, being one of the region’s premier diversified petrochemical conglomerates, is proud to have Commercial Bank as a business partner,” he said.

Reinforcing its commitment to deliver leading financial services to MPHC and its shareholders, Commercial Bank has extended MPHC’s dividend distribution channels to all Commercial Bank branches. 

“Providing service levels aligned with international best practice is a major part of our commitment to building relationships with the key industries that drive Qatar’s development. We are delighted to be entrusted with the responsibility of distributing dividends 

for MPHC; a high-profile and leading listed company in Qatar,” said Al Raisi.

The bank services include the option of cash payments for dividends less than QR100,000, instant dividend credit to a Commercial Bank account or transfers to banks locally and worldwide. MPHC’s shareholders using the Qatar Central Securities Depository direct credit service will receive their dividends on the day following the Annual General Meeting, subject to dividends being approved at the AGM. 

The distribution process is further enhanced by the bank’s extensive network, comprising 33 full service branches across Qatar. For MPHC shareholders who add their bank account in QCSD, Commercial Bank will credit their dividends instantly and without visiting a branch in person by calling Commercial Bank’s contact centre. 

The Peninsula

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