Publicly traded companies must pay dividends at ratios set by the CMB. According to the CMB Communiqué Serial: IV, No: 27, dividend ratio cannot be less than 20 per cent of the distributable profit. Exchange traded companies are free to do one of the following for dividend, in line with their general assembly decisions: a) Distribute all in cash b) Distribute all as shares c) Distribute a certain percent in cash, a certain ratio as shares and retain the balance d) Retain the dividend without distributing cash or shares. The CMB decided on January 27th, 2010 by its resolution no. 02/51 not to oblige exchange traded companies to distribute minimum dividends over their profits from 2009 operations.