Mubasher: Heavy Engineering Industries & Shipbuilding Co.’s (HEISCO) shareholders approved the board’s proposal for raising capital to KWD 22 million from KWD 18.024 million during an extraordinary general meeting (EGM) held on Thursday.

The capital hike, that will be paid in tranches, will be allocated for existing and new shareholders, according to a statement to Boursa Kuwait.

HEISCO also approved to amend article No.6 of its incorporation contract, in addition amending article No.5 from the Articles of Association which is related to the company’s capital.

Earlier this month, the firm’s shareholders approved to distribute 30% of the issued and paid-up capital as cash dividends for the full fiscal year 2018.

In 2018, HEISCO’s profits surged 59% to KWD 9.64 million, against KWD 6.07 million a year ago.