Markaz approves dividend cut for 2019; elects new board

The board’s remuneration for 2019 was cut


Mubasher: The general assembly of Kuwait Financial Centre (Markaz) approved to reduce the proposed cash dividend distribution for the fiscal year (FY) 2019 to 5% from 10%.

The cut was proposed by an agent of shareholders who own 16.63% of the company's shares, according to a bourse statement on Wednesday.

The assembly also consented to cut the board’s remuneration for 2019 to KWD 105,000 from KWD 175,000 as recommended by the board’s chairman.

Moreover, a new board of directors was elected for coming three-year tenure (2020-2022).

It is noteworthy that in 2019, Markaz reported a net profit of KWD 6.95 million ($22.88 million), up by 204% from KWD 2.28 million ($7.53 million) in 2018.

Source: Mubasher

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