Mubasher: Kuwait Reinsurance Company on Tuesday announced that the company’s shareholders had approved to distribute KWD 891,000 at 5 fils per each share as cash dividends for the full fiscal year 2018 during a general assembly meeting held the previous day.
Distributions represent 5% of the firm’s capital, according to a statement to Boursa Kuwait.
The insurance company will also distribute bonus shares at 6% of paid-up capital or 6-for-100 shares for FY18.
Dividends will be eligible for shareholders registered in the firm’s registries by the end of maturity date on 2 May, while distributions will be paid on 6 May.
Kuwait Reinsurance developed its operations and improved its operating performance, amid growth in the previous-year earnings, CEO Dawoud Al Duwaisan said to Kuwait News Agency (KUNA).
Shareholders also approved to raise issued and paid-up capital to KWD 18.8 million, from KWD 17.8 million, while new board members were elected for the next three years between 2019 and 2021.
Kuwait Reinsurance’s profits levelled up 10.1% to KWD 3.37 million from January to December 2018, compared to KWD 3.06 million in 2017.
