Mayadeen board proposes FY11 dividend freeze
Kuwait Stock Exchange (KSE) announces that the board of National Ranges Co. (Mayadeen), in a meeting held on Thursday, 05/04/2012, approved consolidated financial statements for the fiscal year that ended on 31/12/2011, as follows:
1. Financial results:
| Item |
FY ended 31/12/2011 |
FY ended 31/12/2010 |
| Profit (Loss) (KWD) |
(12,171,401) |
(16,253,468) |
| EPS (LPS) (fils) |
(12.95) |
(17.29) |
| Total current assets |
67,536,257 |
67,906,245 |
| Total assets |
107,755,626 |
112,604,958 |
| Total current liabilities |
75,783,981 |
68,639,863 |
| Total liabilities |
75,884,052 |
68,731,503 |
| Total shareholders' equity |
31,871,574 |
43,873,455 |
Neither revenue nor expenses of dealings with related parties were recorded.
2) Proposed dividend:
The board recommended withholding dividend for FY11, pending the approval of shareholder meeting and competent authorities.
Accordingly, the stock will resume trading five minutes after this announcement.
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