K-Clinic board recommends FY09 dividend freeze, 52% capital increase
Kuwait Stock Exchange (KSE) announces that the board of Kuwait Medical Services Co. (K-Clinic), in its meeting held on Thursday, 18/03/2010, endorsed the annual financial statements for the fiscal year that ended on 31/12/2009, as follows:
1- Financial results:
Total revenue from dealings with related parties reached KWD 209.594, while relevant expenses totaled KWD 142.782.
2- Proposed dividends:
The board of directors proposed withholding dividends for the FY that ended on 31/12/2009.
Board members also recommended raising the company’s capital by 52.47% through issuing 40.000.000 shares at 100 fils par value each with no issue premium. The increase will be paid in a lump sum. Accordingly, capital will be raised to KWD 11.623.000 (116.230.000 shares), compared to KWD 7.623.000 (76.230.000 shares).
Priority will be given to shareholders of record on the day preceding the secondary capital call. The medical services provider’s board will be authorized to set the capital call regulations and reoffer the unsubscribed shares.
Both recommendations are subject to the approval of shareholder meeting and competent authorities.
Accordingly, the stock will resume trading ten minutes after the announcement.
1- Financial results:
| Item
|
FY ended on 31/12/09
|
FY ended on 31/12/08
|
| Profit (KWD)
|
1.522.874
|
1.418.287
|
| EPS (fils)
|
16.16
|
16.02
|
| Total current assets
|
4.166.007
|
4.071.867
|
| Total assets
|
26.325.154
|
18.062.917
|
| Total current liabilities
|
9.299.221
|
3.790.320
|
| Total liabilities
|
12.627.105
|
5.891.924
|
| Total shareholders’ equity
|
11.868.590
|
10.636.403
|
Total revenue from dealings with related parties reached KWD 209.594, while relevant expenses totaled KWD 142.782.
2- Proposed dividends:
The board of directors proposed withholding dividends for the FY that ended on 31/12/2009.
Board members also recommended raising the company’s capital by 52.47% through issuing 40.000.000 shares at 100 fils par value each with no issue premium. The increase will be paid in a lump sum. Accordingly, capital will be raised to KWD 11.623.000 (116.230.000 shares), compared to KWD 7.623.000 (76.230.000 shares).
Priority will be given to shareholders of record on the day preceding the secondary capital call. The medical services provider’s board will be authorized to set the capital call regulations and reoffer the unsubscribed shares.
Both recommendations are subject to the approval of shareholder meeting and competent authorities.
Accordingly, the stock will resume trading ten minutes after the announcement.
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