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IPG to pay KWD 5.4m dividends for FY18

IPG to pay KWD 5.4m dividends for FY18
Archive photo of IPG meeting
IPG
IPG
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Mubasher: Independent Petroleum Group (IPG) announced that its ordinary general meeting (OGM) on Wednesday approved the board’s recommendation of distributing 30 of capital as cash dividends for fiscal year 2018.

IPG said it would pay 30 fils per share to the entitled shareholders for FY18 at a total of KWD 5.42 million, according to a bourse disclosure on Thursday.

The dividends will be distributed on 13 March to the shareholders of record date 11 March 2019.

IPG’s general assembly also approved paying $80,000 as bonus to the board members for FY18.

The shareholders of IPG have accepted the resignation of the current board of directors and electing a new board for the coming three years from 2019 to 2021.

During FY18, IPG posted a decline of 1.4% in profits to KWD 6.148 million from KWD 6.232 million in FY17.