Mubasher: The ordinary general meeting (OGM) of Mabanee Co has approved the board’s recommendation to distribute 10% of the capital as a cash dividend for fiscal year 2017.

Mabanee will pay 10 fils per share as dividends for FY17, at a total value of KWD 9.33 million, according to a bourse statement on Monday.

The shareholders also approved distributing 5% of the capital as bonus shares or 5-for-100 shares valued at a total of KWD 4.68 million.

The dividends will be paid to the shareholders of records on 26 April, with the distribution date on 10 May.

Mabanee’s extraordinary general meeting (EGM) has agreed to raise the capital by KWD 4.68 million, the approved bonus shares, to KWD 98.35 million from KWD 93.67 million, the statement added.

During FY17, Mabanee achieved a growth of 1% in profits to KWD 49.15 million compared to KWD 48.66 million in FY16.

At the stock level, Mabanee closed Monday’s session 0.14% lower at 712 fils.