Mubasher: The ordinary general meeting (OGM) of Alrai Media Group decided not to distribute cash dividends to shareholders for fiscal year (FY) ended on 31 December 2019.

Meanwhile, the extraordinary general meeting (EGM) approved to continue the company’s activity and provide all support to its activities, according to a bourse disclosure on Thursday.

It also approved the proposed capital cut, subject to the approval of all relevant authorities, and called on the EGM to meet and decide on the move. 

The announcement has no material impact on the group’s financial position, the company said, noting that it will disclose further details in due course as per the Capital Markets Authority’s (CMA) instructions.

It is noteworthy that by 2019 year-end,  net losses of the media group fell by 83.3% to reach KWD 3.54 million ($11.58 million), compared to KWD 21.18 million ($69.26 million) in 2018.