(MENAFN - Qatar News Agency) Qatar National Bank (QNB) has been appointed as the official Dividend Distribution Agent for Industries Qatar, a public shareholding company listed on the Qatar Exchange. Incorporated in 2003 Industries Qatar is one of the fastest growing companies in the country and the region, with holding interests in Qatar Steel Company (QS), Qatar Petrochemical Company (QAPCO), Qatar Fertilizer Company (QAFCO) and Qatar Fuel Additives Company (QAFAC).
In a media statement Tuesday QNB said "It will provide Industries Qatar with dividend distribution, dividend account administration and other administrative support services to ensure shareholders have easier and more efficient access to their earned dividends".
At a press conference held today, QNB and Industries Qatar announced the three-year partnership which comes into effect March 14, 2012.
QNB Executive General Manager & Chief Business Officer Ali Ahmed Al Kuwari and Industries Qatar Chief Co-ordinator Abdulrahman Ahmad Al Shaibi and other senior officials attended the conference.
Industries Qatar recently disclosed its 2011 financial results reporting a record QR7.9 Billion in net profit for the year ended December 31, 2011, representing a year-on-year increase of 34%. The Board of Directors also recommended a dividend payout per share of QR7.5, representing 75% of nominal value.
Industries Qatar will hold its Annual General Assembly meeting later this month on March 19.
Through QNB's Dividend Distribution Service, shareholders will be able to receive their dividends when visiting any QNB branch or can opt to have dividends directly deposited in their accounts.
The dividend payments can be paid directly into QNB accounts, local bank accounts, and international bank accounts. This is a free service offered to all Industries Qatar shareholders. To benefit from this service, customers are required to complete a one-time registration for the e-dividends service through the form which is available on both QNB website and Industries Qatar s website. This service also extends to dependents and custodians of shares.
Shareholders can register by providing QNB with their shareholder number, ID card, or power of attorney by a custodian in the absence of the shareholder. The funds are transferred directly to the shareholders bank account once registered. The service is based on QNB's intricate understanding of the specific needs of each partner, and follows detailed and intensive consultation with each partner to determine needs and outcomes.
QNB's dividend distribution service is built on a strong banking relationship with the shareholder, whilst providing the most advanced technological solutions in the market to be able to deliver this added value to shareholders.
QNB has in the past year been the official Dividend Distribution Agent for Qtel, Qatar Navigation and Qatar Gas Transport Company (Nakilat).