Mubasher: Burgan Bank will hold its ordinary general meeting (OGM) on 28 March to discuss the board’s recommendation of distributing 7% of capital as a cash dividend for fiscal year 2017.

Burgan’s board proposed paying 7 fils per share for FY17, according to a bourse statement on Thursday.

The shareholders will also consider 5% bonus shares through issuing 107.59 million shares.

The Kuwait-based lender will distribute the dividends and bonus on 23 April to the shareholders registered on 18 April, the statement added.

After the shareholders hold the OGM, an extraordinary general meeting (EGM) will be held to discuss raising the capital by KWD 215.18 million to KWD 225.94 million.

In mid-February,  the country's third-largest lender by assets disclosed a decline of 4.4% in profits to KWD 65.2 million during FY17 from KWD 68.2 million in FY16.

At the stock level, Burgan Bank closed Thursday’s session 0.7% lower at 285 fils.