Saudi Company for Hardware's (SACO) board of directors recommended on Tuesday withholding dividend for H2 2019, the company said in a bourse statement.
Such a proposal aimed at boosting financial position and liquidity in 2020, amid the Kingdom's precautionary measures to curb COVID-19.
The dividend freeze recommendation is pending the approval of the upcoming general meeting.
SACO has recently closed showrooms in several malls across the Kingdom until further notice, in line with the government measurements to contain the coronavirus.
The Saudi company paid cash dividend at SAR 1 a share for H1 2019, Argaam reported.
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