Abu Dhabi – Mubasher: The board members of Umm Al Qaiwain General Investment Co has recommended on Saturday, 24 February, distributing cash dividends of 7% of capital for fiscal year 2017, according to a bourse statement on Sunday.

Umm Al Qaiwain, which is listed on both Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), proposed paying 7 fils per share, with a value of nearly AED 25.41 million ($7 million).

The company will hold an ordinary general meeting (OGM) on 17 March to consider the recommended dividends.

Umm Al Qaiwain’s capital stands at AED 363 million distributed on 363 million shares at a par value of AED 1 each.

During FY17, the preliminary income statements showed a decline of 41% in profits to AED 17.21 million compared to AED 29 million in FY16.