Board of Directors discussed the Decision to distribute interim cash dividend not exceeding 5% of Share Capital i.e. 5 Baiza per share (which was approved on 03.31.2014 during the AGM) for the year ended 31 December 2013, and authorize the Board of Directors to determine the distribution date.
However, the reduction in the fair value of the investment portfolios has caused lack of liquidity required to implement this decision.
The Board of Directors have notified the CMA and asked for clarification about the procedure which enables the company to settle this with shareholders.
Therefore, the Board of Directors has proposed to distribute part of its shares in Oman Education and Training Investment Co. SAOG to shareholders instead of the cash dividend which was earlier approved in AGM.