Al Khaleej Takaful Releases
Explanatory Statement in Regards to Not Distributing Dividends
to Shareholders
March 13, 2018
Al Khaleej Takaful Insurance released the
following disclosure:
1.
The Board of Directors, at its meeting on 21 February 2018,
recommended the distribution of cash dividends amounting to 5%
of the company's capital, equivalent to QR0.50 dirhams per
share. The company disclosed the recommendation and specified
that it is subject to the approval of the regulatory authorities
and company's general assembly.
2.
On 12 March 2018, Central Bank of Qatar issued a conditional
approval requiring the company to acknowledge the impairment
losses on the market value of financial investments in the
company’s income statement in accordance with the auditor’s
appraisal and in compliance with the applicable accounting
standards.
3.
In compliance with the letter of Central Bank of Qatar, the
company will acknowledge the impairment losses on the market
value of financial investments in the company’s income
statement, and provision for impairment will be made, meaning
that no dividends will be distributed to shareholders.
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