|Real Estate Facilities Company General Assembly|
• Local Real Estate Income Generation portfolio reached KD 11 million
Based on the reported profits for the year ending 31 March 2012, the Board of Directors proposed a distribution of 5% (5 fils per share) cash dividend. The General Assembly voted to accept this recommendation and it was passed by the required majority.
Addressing the General Assembly meeting, Al Hareth Abdulrazzaq Al-Khaled, Real Estate Facilities Company Chairman said: “The company has been continuously implementing its investment strategy and we have achieved a significant increase in our local Real Estate Income Generating portfolio. This portfolio has directly contributed to the company's returns, and has enabled it to maintain liquidity of KD 5.7 million. This, in turn, allows us to exploit selective and diligent investment opportunities that are consistent with the creation of shareholder value”.
AL-Khaled also commented: “Despite the uncertainty within the economic and political situation, our company's strategy was clear. We have focused our investments on a series of successful real estate investments opportunities with limited risks, which contributed to achieve a profit of KD 343 thousand to year ended 31 March 2012.”
Al-Khaled added: “We believe that the Real Estate Facilities Company will continue its positive performance and expect to achieve higher returns on our capital going forward this year. We intend to deliver on this strategy through increasing the size of income generating assets and seizing the growing number of opportunities including real estate investment.”
Al-Khaled concluded: “The company's continuing success and improved performance were the result of integrated and combined efforts. I would like to extend our sincere gratitude and appreciation to all shareholders for their continued support. I would also like to extend our thanks to all governmental establishments, financial and commercial institutions who helped facilitate the company's operations.”
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