Mubasher: The ordinary general meeting (OGM) of Kuwait Reinsurance has approved the board’s recommendation to distribute 10% of the capital as a bonus share for fiscal year 2017.

Kuwait Reinsurance will distribute 10-for-100 shares as bonus shares for FY17, with a total volume of 16.2 million shares, according to a bourse statement on Wednesday.

The bonus shares will be distributed on 13 May to the shareholders of record date on 3 May 2018, the Kuwait-based reinsurance services provider said.

Following this bonus distribution, the capital will be increased to KWD 17.82 million distributed on 178.2 million shares.

In FY17, Kuwait Reinsurance achieved a growth of 56.9% in profits to KWD 3.06 million compared to KWD 1.95 million in the previous fiscal year.