Mubasher TV
Contact Us Advertising   العربية

First Takaful Insurance approves dividend freeze

First Takaful Insurance approves dividend freeze
Photo Credit: Arabianeye-Reuters
FTI
FTI
4.23% 197.00 8.00

Written by: Ahmed Awad

First Takaful Insurance (FTI) shareholders gave a nod to withholding a dividend payout for 2014 as part of their extraordinary general meeting on Wednesday.

Meanwhile, shareholders endorsed cutting the company's capital from KWD 10 million to KWD 972,000, a decision taken during FTI’s ordinary general meeting (OGM) which was held in the same day.

In addition, the OGM approved offseting part of the company's accumulated losses amounting to KWD 9.8 million.

First Takaful suffered KWD 5.78 million in losses in 2014, a jump of 109% from KWD 2.77 million a year earlier.

Translated by: Shaimaa ELSarky