Mesaieed Petrochemical Holding Company Q.S.C. signs dividend distribution agreement with Commercial Bank

Doha, Qatar – Mesaieed Petrochemical Holding Company Q.S.C. (MPHC) has partnered with Commercial Bank for exclusive dividend distribution services for dividends declared for the years 2013 to 2016.

 

The dividend distribution agreement was signed at a special ceremony held at Commercial Bank Plaza in Doha. Mr Khalid Al Subaey, Chief Coordinator for MPHC, congratulated Commercial Bank on winning the mandate, commenting: “MPHC has an obligation to its shareholders to distribute dividends with optimum efficiency. Undertaking the distribution process is a serious responsibility that involves trust and requires a high degree of professionalism.”

 

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

 

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.

 

Commercial Bank CEO Mr Abdullah Saleh Al Raisi said: “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.”

 

In light of MPHC’s requirements, Commercial Bank’s process of dividend distribution has been tailored to offer MPHC shareholders fast, efficient and accessible services. These services include the option of cash payments for dividends less than QAR 100,000, instant dividend credit to a Commercial Bank account or transfers to banks locally and worldwide. MPHC’s shareholders using the Qatar Central Securities Depository (QCSD) direct credit service will receive their dividends on the day following the Annual General Meeting (AGM), subject to dividends being approved at the AGM.

 

The distribution process is further enhanced by Commercial Bank’s extensive banking network, comprising 33 full service branches strategically located across Qatar, ensuring MPHC shareholders can access their MPHC dividends quickly and conveniently. For MPHC shareholders who add their bank account in QCSD, Commercial Bank will credit their MPHC dividends instantly and without visiting a branch in person by calling Commercial Bank’s Contact Centre.