New SCA Service Aids Shareholders In Unclaimed Dividends Inquiry

In a significant move to support shareholders of locally listed public joint stock companies, the Securities and Commodities Authority (SCA) has unveiled a new online service aimed at facilitating the claim process for dividends issued before March 2015. This initiative, accessible through the SCA's official website, www.sca.gov.ae, is designed to simplify the process for shareholders to ascertain their eligibility for unclaimed dividends.

The introduction of this service is part of the SCA's broader strategy to engage a wider audience of entitled shareholders, encouraging them to approach Abu Dhabi First Bank—the appointed paying agent—to submit their payment requests. This streamlined approach not only makes it easier for shareholders to identify whether they have outstanding dividends but also guides them through the necessary steps to claim their dues efficiently.

Dr. Maryam Al Suwaidi, CEO of the SCA, emphasized the authority's commitment to leveraging its resources and capabilities to offer high-quality services that meet the needs of the public and adhere to the high standards set by the government. The launch of this dividend inquiry service represents a proactive effort by the SCA to raise awareness among shareholders about their unclaimed dividends and to facilitate the claim process.

Al Suwaidi further highlighted the collaborative efforts with strategic partners to ensure that entitled shareholders are aware of and claim their dividends. This initiative underscores the SCA's dedication to providing exemplary services that exceed shareholder expectations.

Through this new service, shareholders can easily check for any unclaimed dividends dating back to before March 2015 by simply entering their names in a dedicated search field on the SCA's website. The system will then display matching results from the SCA’s records of entitled shareholders.

Shareholders identified as having unclaimed dividends are encouraged to submit a payment request to Abu Dhabi First Bank. The bank will review the request, confirm entitlement, and proceed with transferring the dividends within five business days upon receiving all necessary documentation, adhering to specified procedures and requirements.

The SCA urges shareholders to take advantage of this inquiry service, noting that search results will only indicate whether there are unclaimed dividends without providing additional information or data. This initiative is a testament to the SCA's ongoing efforts to enhance service quality and shareholder satisfaction.

With inputs from WAM