Mubasher: Ubar Hotels and Resorts Company’s ordinary general meeting approved on Sunday the board of director’s recommendation to distribute cash dividends at 8% of the capital or 8 Baisas per share for the fiscal year 2015, totalling OMR 400,000 ($1.03 million).

The company is capitalised at OMR 5 million ($12.98 million) distributed across 50 million shares with a nominal value of OMR 0.10 ($0.26).

Ubar’s profits declined last year by 24.8% year-on-year to OMR 894.910 ($2.55 million).

The OGM earlier agreed to pay cash dividends at 17% of the share’s par value of 17 Baisas per share for the fiscal year 2014.