Al-Subaey and al-Raisi exchange documents after signing the pact to distribute dividends from 2013 to 2016.

The newly-listed Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum, has partnered with Commercial Bank for exclusive distribution for dividends declared for 2013 to 2016.

“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,” its chief coordinator Khalid al-Subaey said.

For MPHC, this is the maiden year for dividend distribution after its listing last month. It had reported a net profit of QR600mn for the four months ended December 31, 2013 and declared QR0.35 cash dividend, equivalent to 72.1% of net profit.

Reinforcing its commitment to deliver leading financial services to MPHC and its shareholders, Commercial Bank has extended MPHC’s dividend distribution channels through all its 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,” Commercial Bank CEO Abdullah Saleh al- Raisi said after signing pact with al-Subaey.

The dividend distribution includes various options: direct cash payment to shareholders from all branches of the bank pursuant to submission of the identification (for amounts less than QR100,000), or cheques sent later by mail or directly depositing the dividends in the account of the shareholder at any of Commercial Bank branches, or transfer to any domestic or international bank, al-Subaey said.

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.

MPHC shareholders using the Qatar Central Securities Depository 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 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.