Bayan Investment agrees not to distribute dividends of 2014

KUWAIT, May 3 (KUNA) -- According to a recommendation of the Board of Directors, the General Assembly of Bayan Investment Co. agreed not to distribute shareholders' dividends and Board's remuneration for the Fiscal Year ended on December 31, 2014.
During the ordinary meeting of the General Assembly on Sunday, Board Chairman Faisal Al-Mutawa said that the company posted profits of about KD 2.51 million for the FY 2014 compared with about KD 984,000 for the FY 2013. (A Kuwaiti dinar equals 3.31 USD).
He added that the company's revenues reached about KD 8.7 million in 2014 compared with KD 4.11 million in 2013, an increase of about 112.9 percent.
2014 was not a good year for the Kuwait Stock Exchange (KSE), which saw a dramatic drop in the last quarter of 2014 after the market had witnessed a positive performance in the first months of the same year, he noted.
Kuwait's market has been greatly influenced by lower oil prices in 2014, he made clear.
Established in 1997, Bayan Investment Company was listed in the KSE 2003 with a paid-up capital of KD 39.2 million. It is a Kuwait-based shareholding one engaged in providing investment and portfolio management activities for its own account and for clients and investment in real estate.
Its services include local and international investment, research and studies, Gulf Cooperation Council private equity, and management of funds. (end) fh.ht.nfa.hm