Mubasher: Kuwait National Cinema will hold its ordinary general meeting (OGM) on 27 March to discuss the board’s recommendation to distribute 55% of capital as cash dividends for fiscal year 2017.

The board members proposed paying 55 fils per share as a dividend for FY17, according to a bourse statement on Monday.

National Cinema’s shareholders will also consider deducting 0.12% or about KWD 12,710 of the net profits for the compulsory reserve to exceed half of the issued capital.

The OGM will also consider deducting the optional reserve by 10% or KWD 1.06 million to boost National Cinema’s financial position.

In FY17, National Cinema achieved a growth of 9% in profits to KWD 10.17 million compared to KWD 9.33 million FY16.