Mubasher: Kuwait-based Al Kout Industrial Projects’ shareholders approved the board’s proposal for distributing cash dividends worth KWD 5.05 million at 50 fils per share for the full fiscal year 2018 during a general assembly meeting held on Tuesday.

Distributions, which represent 50% of the company’s capital, will be eligible for shareholders registered in the firm’s registries on the eligibility date, 21 May, according to a statement to Boursa Kuwait on Wednesday.

Dividends will be distributed on 28 May.

The company’s shareholders also approved to pay KWD 35,000 in remuneration for the board members for the previous year.

The general assembly also agreed upon a request from shareholders owning 54.212% of the company’s shares to dismiss three of the board members; namely, Nawaf Hussein Marafi, who represents Kuwait Projects Group, Sakr Ghanim Al Ghanim, who represents Abdullah Al Hamad Al Saqr and Brothers Co, and Osman Zahem Al Zahem.

Al Kout’s profits levelled up 1.1% to KWD 6.29 million in 2018 from KWD 6.22 million a year ago.