Mubasher: The ordinary general meeting (OGM) of Independent Petroleum Group (IPG) approved distributing 30% of capital as cash dividends for fiscal year 2016.

The company will pay 30 fils per share to the entitled shareholders, with a total of KWD 4.57 million, according to a bourse statement issued on Wednesday.

The shareholders also approved raising the issued and paid-up capital by 23.75% or KWD 3.62 million to total KWD 18.84 million from KWD 15.225 million.

Following the capital hike, IPG’s shares will total 188.41 million from 152.25 million shares, with an issue premium of 200 fils per share, the statement noted.

At the stock level, IPG closed Wednesday’s session 1.16% lower at 425 fils, after around 12,900 shares were exchanged at a value of nearly KWD 5,500.