Kuwait – Mubasher: The ordinary general meeting (OGM) of Kuwait Hotels approved distributing 5% of capital as cash dividends for fiscal year 2016.

The company will pay 5 fils per share as dividends for FY16, according to a bourse filing issued on Wednesday.

The shareholders also approved moving the company’s stock listing to the parallel market from the main market.

During FY16, Kuwait Hotels posted a decline of 61.1% in profits to KWD 104,000 from nearly KWD 267,340 in FY15.