Kuwait-based real estate developer, Mabanee Company, plans to distribute cash dividends worth $46.7m for the fiscal year (FY) 2019, representing 14% of the share’s nominal value. The proposed dividends were approved at Mabanee Company’s ordinary general meeting (OGM) that was held recently.

The firm is said to be owned by Kuwait’s top institutions and high net worth individuals and currently boasts in excess of 1,500 shareholders, a statement said.

The Kuwaiti developer announced a 7.39% jump in profits for FY 2019, which rose to $181m from the previous year’s figures of $169m. The OGM also approved a six-for-100 bonus issue or 6% of the capital, equivalent to 62.55 million shares, stated the company in its filing to the Kuwaiti bourse.

Mabanee Company operates under five main business lines – real estate development; ownership, construction, management and operation of commercial malls; projects management; establishment and management of real estate investment portfolios and logistics.