Kuwaiti developer Mabanee approves $45.7mln cash dividends

Mabanee operates under five main business lines

Lights Of Kuwait City Image used for illustrative purpose.

Lights Of Kuwait City Image used for illustrative purpose.

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Kuwait-based real estate development company Mabanee Company has announced plans to distribute cash dividends worth KD14.6 million ($46.7 million) for the fiscal year (FY) 2019, representing 14% of the share’s nominal value.
The proposed 14 fils per share dividends was approved at Mabanee Company's ordinary general meeting (OGM) held recently.
It is owned by a prestigious list of Kuwait's top institutions and high net worth individuals currently exceeding 1,500 shareholders.
A major player in the region, Mabanee operates under five main business lines - real estate development; ownership, construction, management and operation of commercial malls; projects management; establishment and management of real estate investment portfolios and logistics.
The Kuwaiti developer had announced robust results for the FY 2019 with a 7.39% jump in profits which rose to KD56.41 million from the previous year's figures of KD52.53 million.
The OGM also approved a six-for-100 bonus issue or 6% of the capital, equivalent to 62.55 million shares, stated Mabanee Company in its filing to Kuwaiti bourse.
Moreover, the assembly approved remuneration worth KD550,000 for the board members for 2019, it added.-TradeArabia News Service

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