Mabanee approves capital increase through 10% bonus shares, 10 fils di

11/04/2012 12:48 AST

The Ordinary and Extraordinary General Assembly of Mabanee Co. convened on Tuesday, April 10. The General Assembly approved all of the articles, including the distribution of 10 percent of the nominal share value in cash dividend (10 Kuwaiti fils per share) and 10 percent bonus shares of the paid-up capital (10 shares for every 100 shares) for all shareholders registered on the company's roaster on the date of the General Assembly meeting. This was mentioned in a press release on Tuesday.

Commenting on this occasion, Mabanee's Chairman and Managing Director Mohammad Abdulaziz Alshaya said, "Mabanee's net profit for 2011 came to 20.78 million Kuwaiti dinars compared to KD 18.67 million in 2010, at an increase of 11 percent. The share profit came to 37.62 fils compared to 33.79 fills in 2010."

The company's financial data indicated that its operational revenue came to KD 37.7 million, and that it succeeded in increasing shareholder equity to KD 146.72 million. Total assets grew 20 percent to stand at KD 307.18 million.

Alshaya noted that the selection of Mabanee Co. by the Kuwait Stock Exchange (KSE) for the 'Kuwait 15' index - which includes the largest companies in terms of liquidity and market value with the aim of measuring market performance - is a strong indication of the prominent position that the company holds in the Kuwaiti market.

With regard to the activities of the Extraordinary General Assembly, approval was given for increasing the company's capital through 10 percent bonus shares allocated to shareholders listed in the company's roaster on the date that the General Assembly convened.

It also approved the amendments of Article Five of the statute and Article Six of the establishment contract of the company to read the following:

The company's capital is KD 55,562,595 (fifty-five million, five hundred and sixty-two thousand, five hundred and ninety Kuwaiti dinars) distributed among 555,625,950 shares (five hundred and fifty-five million, six hundred and twenty-five thousand, nine hundred and fifty shares), with each share valued at 100 fills and all shares being in cash.

The company's capital is KD 61,118,855 (sixty-one million, one hundred and eighteen thousand, eight hundred and fifty-five Kuwaiti dinars) distributed among 611,188,545 shares (six hundred and eleven million, one hundred and eighty-eight thousand, five hundred and forty-five shares), with each share valued at 100 fills and all shares being in cash.

Al Watan