Reading a Dividend Notice: Ex-Date, Payment & Net

Mizen editorial team · published 30/10/2026 · checked 30/10/2026 · Translation; the French version is authoritative

When a listed company distributes a dividend, it publishes a notice on the Stock Exchange website. A few lines are enough to know how much will be paid, to whom, and on which date the share must be held.

What a notice contains

A dividend notice generally indicates:

• the ordinary general meeting (AGO) that decided the distribution, and its date;
• the amount per share, in dinars, sometimes also as a percentage of the nominal value;
• the number of shares concerned;
• the withholding tax regime;
• the ex-date (detachment);
• the payment date;
• the settlement channel.

The example of UBCI in 2026

The notice from UBCI published on 29 April 2026 announces:

For BIAT, the same year: 6.000 DT per share, ex-date (detachment) on 12/05/2026, payment on 14/05/2026.

Caution regarding the percentage. “26% of nominal value” relates to the nominal value of the share, not to its price: this is not a 26% yield.

From gross to net

The amount stated in the notice is a gross amount. For a resident individual, unless exempt, the withholding tax of 10% is final: the net amount is the gross amount minus this withholding tax.

Example. 500 UBCI shares: 500 × 1.300 = 650.000 DT gross; 10% withholding tax: 65.000 DT; net paid: 585.000 DT.

Special cases (resident company, non-resident, CEA, profits prior to 2014) are detailed in the dividend taxation guide.

The date that matters: ex-date (detachment)

To receive the dividend, one must hold the share before the ex-date (detachment). A share bought on the ex-date (detachment) is bought “ex-coupon” (coupon détaché): the dividend goes to the seller.

In 2026, at UBCI as at BIAT, ex-date (detachment) took place two trading days before payment, corresponding to settlement and delivery at T+2 (J+2). The general regulations of the Stock Exchange (Règlement général de la Bourse, art. 105), dating from 1997, provide for detachment on the payment date; the practice published in the notices is authentic.

What happens on the ex-date (detachment)

• The share price drops mechanically by approximately the coupon amount. This is not a loss: the value leaves the share to become a dividend receivable.
• The reference price is adjusted: the drop of the coupon does not “consume” the session's reservation threshold.
• Orders in the order book are modified: the coupon amount is automatically deducted from order limits, unless instructed otherwise by the client (RGB art. 95). See order types.

Payment timeframe

The date of the meeting is not the payment date. The Commercial Companies Code (Code des sociétés commerciales) requires the dividend to be paid at the latest 3 months after the AG that decided it, unless unanimously decided otherwise; beyond that, commercial interest is due. Legal action for payment is barred by statute of limitations after 5 years from the AG (see the AGO calendar).

Upcoming ex-dates (detachment) and payments appear in the calendar and the dividends page of Mizen.

Frequently asked questions

What is the ex-date (detachment) of a dividend?

It is the day on which the share begins trading without the right to the dividend. Whoever holds the share on the previous evening receives the dividend; whoever buys it on that day does not receive it.

When must one hold a share to receive the dividend?

Before the ex-date (detachment) indicated in the notice, meaning having purchased it at the latest during the preceding session.

How do you go from gross dividend to net dividend in Tunisia?

For a resident individual, unless exempt, the final withholding tax of 10% is deducted. With the 10% withholding tax of 2026, 1.300 DT gross gives 1.170 DT net.

Why does the share price drop after the dividend?

Because the value of the coupon leaves the share on the ex-date (detachment). The reference price is adjusted accordingly, and limit orders in the order book are reduced by the coupon amount.

Where can I find the dividend calendar?

Notices are published on the Tunis Stock Exchange website; Mizen includes them on its dividends page and its calendar.

• Communiqué de dividende UBCI, 29/04/2026 — p. 1
• Communiqué de dividende BIAT, 29/04/2026 — p. 1
• Règlement général de la Bourse — art. 95 et 105
• Règlement de parquet de la Bourse de Tunis, applicable à partir du 28/09/2026 — art. 8.3.1
• Code des sociétés commerciales, version consolidée CMF — art. 288

General information; not tax advice and not an investment recommendation.