Kuwait – Mubasher: The board of directors of Independent Petroleum Group (IPG) has recommended a cash dividend to shareholders for the fiscal year 2016 as well as capital increase.
In its meeting held Monday, the board proposed a cash distribution of 30 fils per share, representing 30% of capital, and totalling KWD 4.57 million, according to a bourse filing.
The board also recommended raising IPG's capital to KWD 18.84 million, through the issuance of 36.16 million shares at par value of 100 fils per share added to a share premium of 200 fils per share.
The capital top-up represents a 25% increase to the company's capital with the exception of treasury shares, which are around 7.62 million shares, according to the statement.
These recommendations are subject to the shareholders' approval at the company's ordinary general meeting (OGM). However, no specific date for the OGM has been determined.
IPG reported a profit of KWD 5.01 million in 2016, up 31.88% from KWD 3.8 million achieved in 2015.
