KCC profits disbursal

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KUWAIT CITY, Jan 31: Kuwait Clearing Company (KCC) intends to stop distributing the annual paper checks starting with the distribution of shareholders’ profits for the current fiscal year, reports Al-Rai daily. The daily quoting knowledgeable sources added the decision will be circulated to all concerned parties and enforced next year.

They noted KCC has provided the technological base affirming the effectiveness of the decision to cancel the distribution of checks in coordination with banks and relevant bodies to ensure success of the automated transfer technique.

Sources affirmed that KCC has signed contracts with the banks as regards the automated transfer and application of new services, indicating the number of companies signing agreements to transfer the annual profits of shareholders to the banks has reached about 80 companies, and the number is expected to increase this year.

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