Mubasher: The shareholders of Kuwait Projects Holding (KIPCO) have approved, during the ordinary general meeting (OGM) on Wednesday, the board’s recommendation to distribute cash dividends and bonus shares for fiscal year 2017.

KIPCO will pay 10% of the capital or 10 fils per share as a cash dividend for FY17, with a total value of KWD 14.5 million ($48.5 million), according to a bourse statement on Wednesday.

Meanwhile, the company will distribute 5% of the capital or 5-for-100 shares as bonus shares for FY17, with a total volume of 73.68 million shares.

KIPCO clarified that the dividends and bonus shares will be distributed on 1 May to the shareholders of record date on 26 April 2018.

In FY17, KIPCO posted a decline of 48.1% in profits to KWD 23.6 million compared to KWD 45.5 million in FY16.

At the stock level, KIPCO closed Wednesday’s session 1.06% lower at 279 fils.