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National Insurance: good profits in 2009 and a recommendation to distribute 45% as stocks and cash dividends

2010-01-31

Jericho- WAFA 30/1/2010 - The final financial results of the National Insurance Company, showed that the company made a pre-tax profit in 2009 of  $ 5,4 million, compared to $ 3,3 million in the previous year, an increase of approximately 64%. The board of directors approved in its first meeting of 2010 in Jericho, the final results of the company, and recommended the Assembly in its next meeting, an increase in capital from eight million dollars to ten million dollars by distributing bonus shares to shareholders by one share for every four shares owned by shareholders on the General Assembly Meeting, which is an increase of 25% of the nominal and paid-up capital, also recommended a cash dividends distribution to shareholders by 20% as well. The company"s chairman Mohammed Masrouji stated that the board decided to promote Aziz Abdel Gawad to chief executive of the company, and to promote Ahmed Mosha"sha" as the general manager of the company, and to promote Azzam Khuffash as Deputy Director General for Finance.