Mubasher: The ordinary general meeting (OGM) of Kuwait Reinsurance approved distributing 8% of the capital as bonus shares for fiscal year 2016.

The company will distribute 8-for-100 shares to the entitled shareholders; this will raise the capital to KWD 16.2 million, according to a bourse statement issued on Wednesday.

During FY16, the profits decreased by 39% to KWD 1.95 million from KWD 3.2 million in FY15.

The shareholders also approved shrinking the number of board members to become seven instead of ten members.