Mubasher: The ordinary general meeting (OGM) of Al Madar Finance and Investment Company consented to the proposed cash dividend distribution worth KWD 1.035 million or five fils per share, representing 5% of the share’s nominal value, to shareholders for the fiscal year (FY) ended on 31 December 2019 after excluding treasury stocks.
The entitlement date of the dividend is within 15 days from the OGM date and it will be paid after five business days from the entitlement date, according to a bourse disclosure on Sunday.
Furthermore, the assembly discharged the board of directors of liability for the FY 2019 and approved to pay a remuneration of KWD 25,000 to the board members.
It is worth noting that in 2019, Al Madar reported a 90.7% decline in annual profits at KWD 1.39 million ($4.56 million) from KWD 14.88 million ($48.77 million) in 2018.
