Al Baraka Banking Group is to distribute $118.5 million to shareholders representing cash and stock dividends for the financial year 2010.

This was approved at the annual general meeting last month.

The cash dividends equal to five cents per share while stock dividends equal to one bonus share for every existing 10 shares.

KPMG Fakhro has been appointed in their capacity as official shares registrar to handle the distribution.

The authorised capital of Al Baraka Banking Group is $1.5 billion, while total equity amounts to about $1.8 billion.

The group has a wide geographical presence in the form of subsidiary banking units and representative offices in 13 countries, which in turn provide their services through more than 400 branches.-TradeArabia News Service