Mubasher: Human Soft Holding’s ordinary general assembly meeting (OGM) has cancelled the previously recommended cash dividend and bonus shares distribution for fiscal year (FY) 2019.

The new decision will support the company's position in facing the impact of the new coronavirus (COVID-19) outbreak, according to a stock exchange filing on Monday.

By the end of last year, the Kuwaiti firm’s profits increased by 14% to KWD 35.87 million ($118.23) from KWD 31.49 million ($103.79 million) in 2018, backed by higher revenues. 

Earlier, the company’s board recommended distributing KWD 24.33 million or 200 fils per share as cash dividends for 2019, representing 200% of the capital, and a bonus share distribution worth KWD 1.22 million or 10 bonus shares for every 100 shares, equivalent to 10% of the capital.