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FINANCIAL NEWS
Omani United Power cuts capital 10 percent
09 Feb 2015
(MENAFN) United Power has decided to cut the current capital of the firm from USD12.95 million to USD5.18 million after the Capital Market Authority’s approval of a capital decreasing strategy from 2012 to 2014, Oman Observer reported.
The Capital Market Authority approved cutting working capital from 5 percent to 10 percent, provided that share capital after each diminution would not be under USD12.95 million.
The reduction is seen as a standard to boost the return to shareholders in case of low or absence of dividend, the company reported in its fiscal report for last year.
After the reduction, the company registered running revenue of USD26.88 million in 2014, compared to USD29.53 million a year ago. Pre-tax profit was USD2.99 million compared to USD2.23 million a year ago.
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