Mubasher: Acwa Power Barka Company’s ordinary general meeting (OGM) and extraordinary general meeting (EGM) approved distributing cash dividends of 56 baisas per share for 2017, according to a company statement.

The board of directors was authorised to distribute cash dividends amounting to 56% of the company’s capital over two phases; the first in June and the second in December of this year, the statement clarified to the Muscat Securities Market (MSM) on Wednesday.

The OGM also approved the financial statements of the company for the year ended on 31 December 2016 and remunerating board members with OMR 120,000 for the last year, according to the statement.

The company’s capital amounts to OMR 16 million distributed on 160 million shares with a nominal value of OMR 0.1 per share.

Ernst & Young has been appointed as the company's financial auditor for the fiscal year ending on 31 December 2017, the statement stated.

Acwa Power’s annual profits increased 12.05% in 2016, reaching OMR 11.78 million compared to OMR 10.51 million in 2015.