Mubasher: The ordinary general meeting (OGM) of Kuwait Reinsurance Company approved the proposed cash dividend distribution of 5% of the issued capital or five fils per share for 2019.

It also consented to distribute bonus shares of 8% of the issued and paid-up capital through issuing 15.11 million shares or eight shares for every 100 shares to the shareholders registered on records. This will increase the capital by KWD 1.51 million, according to a stock exchange statement on Sunday.

The entitlement date of the dividend is 30 April 2020 and it will be paid on 4 May, after allocating 10% of the net profit to the legal and optional reserves.

Moreover, the general assembly approved to set the capital at KWD 20.40 million, distributed on 204 million shares with a nominal value of 100 fils per share.

It is worthy to note that in 2019, the insurer’s profits totalled KWD 4.73 million from KWD 3.37 million, up by 40.4% annually.