Mubasher: A subsidiary of Al Imtiaz Investment Group announced the postponement of dividends distribution for some collective investment systems until further notice.
The decision is due to the current coronavirus (COVID-19) crisis that impacted the global economy, according to a stock exchange statement on Sunday.
Following the resolution, Al Imtiaz Investment’s net earnings will be reduced by around KWD 929,000 until 2020 year-end at the average exchange rates, subject to change as per the global economic circumstances. The investment group owns a 67.76% stake in the subsidiary.
It is worth pointing out that in 2019, the profits of Al Imtiaz Investment slid by 1.5% annually, reaching KWD 19.72 million ($65.07 million) when compared to KWD 20.02 million ($66.08 million).
