Bahraini asset manager Sico is set to issue a $10.34 million dividend to its shareholders after holding its annual general meeting.
The payout represents 10% of nominal share value more than two thirds of the $15.95 in net profit for 2019, a 63% increase on the profit for 2018.
The board of directors also approved the transfer of $1.6 million to the statutory reserve and the remaining $4 million to the retained earnings account.
Shareholders also approved the establishment of a new subsidiary in Saudi Arabia to manage private non-real estate investment funds and sophisticated investor portfolios following the November 2019 award of a licence from the Saudi Capital Markets Authority to offer asset management services
The dividend could be a rare occurrence as the global market deals with the economic repercussions of the Covid-19 pandemic. In the UK alone, more than $4.17 billion of dividend payments were cancelled as companies try to shore up their balance sheets.
With less than ten shareholders and in line with guidelines from Bahrain’s Ministry of Health in relation to Covid-19, the meeting was concluded via agenda circulation.
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