Bahrain-based Al Baraka starts $24.8mln dividend distribution

MANAMA: Al Baraka Banking Group will start distributing $24.8 million as cash dividends to shareholders today.

The shareholders will receive total cash dividends amounting to $24.8m equal to two cents per share equal to two per cent of the issued capital, for the financial year 2019 as approved by the annual general meeting (AGM).

The entitled shareholders are those on the shareholding register as of March 24, 2020 as approved by the AGM.

The applicable zakat related to cash dividend is 0.52 cent for every 1,000 shares and shareholders have to pay the applicable zakat on their own, while the bank will pay the remaining part of zakat as approved by the AGM.

Karvy Fintech has been appointed the share registrar to handle the distribution of dividends.

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