Mubasher TV
Contact Us Advertising   العربية

Markaz, Tamdeen post OGM dates

Markaz, Tamdeen post OGM dates
Both companies’ OGMs will also approve the financial statements for fiscal year 2016 - (Photo Credit: Arabianeye-Reuters)
TAM
TAM
-1.96% 351.00 -7.00
MARKAZ
MARKAZ
-0.85% 116.00 -1.00

Kuwait - Mubasher: Kuwait Financial Centre (Markaz) and Tamdeen Real Estate on Wednesday announced the dates for their ordinary general meetings (OGM), which will discuss dividends for 2016.

Markaz’s OGM is set to discuss a cash dividend distribution of 6% of the share’s par value, amounting to 6 fils per share on 19 April, the company said in a filing to Boursa Kuwait.

In March, Markaz reported an annual profit growth of 39.9% to KWD 4.03 million in 2016, compared to KWD 2.88 million in 2015.

Meanwhile, Tamdeen Real Estate’s OGM and extraordinary general meeting (EGM) are scheduled to discuss a cash dividend distribution of 10% of the share’s par value, representing 10 fils per share on 25 April, according to a separate statement.

The company last reported a profit decline of 25.3% to KWD 7.37 million in 2016 from KWD 9.86 million in the previous year.

Both companies’ OGMs will also approve the financial statements for fiscal year 2016, in addition to the board and auditor’s reports for the year.

In May 2016, Markaz’s OGM approved cash dividends of 5% of the share’s par value for 2015, representing 5 fils per share, the same month Tamdeen’s shareholders approved a 10% cash dividend for 2015 and 5% bonus shares, at a 1-for-20 ration.