SCA Launches New Service to Pay Unclaimed Dividends to Shareholders of Public Joint-Stock Companies and Refund Cash Held in Dormant Accounts at Brokerage Firms
As part of its keen efforts to pay shareholders of locally listed public joint-stock companies their unclaimed dividends prior to March 2015 or the cash held in dormant accounts opened with brokerage firms, the Securities and Commodities Authority (SCA) has the pleasure to announce that it welcomes payment requests to satisfy investor needs and ensure the delivery of fast services that meet investor expectations. This will be done according to the following channels and procedures:
First, as to the payment of unclaimed dividends to shareholders of joint-stock companies:
The SCA appointed First Abu Dhabi Bank (FAB) to handle the payment of unclaimed dividends to shareholders of locally listed public joint-stock companies prior to March 2015. FAB will receive payment requests via the following channels:
- Email address: scaunclaimeddividends@bankfab.com
- Phone: 02 6161800
- Any FAB branch across the UAE
Applicants are required to provide the following documents and information:
- Copy of the Emirates ID card (for UAE nationals/residents).
- Copy of the passport (for non-UAE nationals).
- Copy of the family book (for UAE nationals).
- Certificate from the bank specifying the account number and IBAN.
- Share certificates, general assembly invitations, or any other documents evidencing ownership of shares and entitlement to dividends, if any.
- The investor number, if applicable.
- If the shareholder is a legal entity, a copy of the following should be provided:
- Commercial license.
- Authorized signature letter.
- Passport and ID card of the authorized signatory.
- If the applicant is acting as an agent for the shareholder or his/her heirs, a power of attorney/succession certificate issued and approved by the relevant UAE authorities must be provided. If the power of attorney is issued abroad, it must be notarized by the UAE Embassy and the ministry of foreign affairs in the issuing country as well as the UAE Ministry of Foreign Affairs.
- Contact details.
Second, as to the payment of cash held in dormant accounts at existing licensed brokerage firms:
Applicants should submit their request to the brokerage firm, along with the following documents and information:
- Copy of the Emirates ID card (for UAE nationals/residents).
- Copy of the passport (for non-UAE nationals).
- Certificate from the bank specifying the account number and IBAN.
- Account statement from the firm or relevant market, or any other document indicating the cash owed, if applicable.
- Copy of the account opening agreement signed with the firm, if applicable.
- The investor number.
- If the investor is a legal entity, a copy of the following should be provided:
- Commercial license.
- Authorized signature letter.
- Passport and ID card of the authorized signatory.
- If the applicant is acting as an agent for the shareholder or his/her heirs, a power of attorney/succession certificate issued and approved by the relevant UAE authorities must be provided. If the power of attorney is issued abroad, it must be notarized by the UAE Embassy and the ministry of foreign affairs in the issuing country as well as the UAE Ministry of Foreign Affairs.
- Contact details.
The paying agent will transfer the dividends to the account holder within 5 business days after completing all the required documents and data, and will also send a Short Message Service (SMS) to the account holder’s mobile phone to notify them of the dividend transfer.
- The firm will determine the availability of the cash owed to the investor, and will then forward the request to the SCA.
- The SCA will review the request and transfer the dividends to the investor within 5 business days upon provision of all required documents and information.
As to brokerage firms whose license was revoked/operations were shut down:
The investor must submit the request to the SCA, along with all the documents mentioned earlier, via the following channels:
- Website: www.sca.gov.ae
- Email address: dsc@sca.ae
- Call center: 800 SCAUAE (722823)
