Mubasher: Mobile Telecommunications' (Zain) ordinary general meeting (OGM) on Thursday approved the board of directors’ proposal to distribute a cash dividend of 33 fils per share or 33% of the capital for 2019.
The distributions will be to shareholders registered on records as of Sunday 5 April 2020, while will be the payment will start on Thursday 9 April, according to a stock exchange filing.
The said timeline could be modified by the board, as per the OGM’s authorization.
In addition, the OGM approved to appoint Bader Al Wazzan from Al Wazzan & Partners (Deloitte & Touche) as the company’s auditor for the fiscal year (FY) ending on 31 December 2020.
It also elected board members for the coming three-year tenure, while the chairman and vice chairman are set to be named during the next board meeting.
It is worth noting that in 2019, Zain’s consolidated net profit grew by 10% year-on-year (YoY) to KWD 217 million ($715 million), while revenue surged by 26% YoY to KWD 1.66 billion.
