Milaha Board Recommends 35% Cash Dividend

Doha, March 25 (QNA) - Milaha, previously known as Qatar Navigation Company, has recommended to distribute 35% cash dividend on the face value of each share (QR3.50). This decision and approving the financial results for the year ended December 31, 2011 were taken by the company's Board of Directors at its meeting held here March 22. The audited financial results reveal a net profit of QR711 Million in 2011 compared to QR 1.1 Billion for the corresponding period in 2010. The company's Earnings Per Share (EPS) amounted to QR 6.21 in 2011 compared to QR 9.59 in 2010. The board has also recommended to the General Assembly a 20% increase in capital through a rights issue, after completing all required formalities and obtaining necessary approvals. The objective of the capital increase is to fund Milaha's growth plans in its core businesses in the coming years. It has also approved a share re-purchase programme of up to 5% of the outstanding shares of the company, to be funded through its significant investments portfolio. This programme will be implemented once the company has obtained all the approvals and completed all the necessary steps. The company's Ordinary and Extraordinary General Assembly Meeting will be held at 6 pm on April 15 next month at the Mirqab Ballroom, Four Seasons Hotel Doha. (QNA)