Saudi Ground Services approve H2 2019 dividend freeze

21/06/2020 Argaam

 

Saudi Ground Services Co.'s (SGS) shareholders approved the board's recommendation to withhold dividend for H2 2019 during the company's ordinary general meeting held on June 18, 2020, the company said in a bourse statement.

 

The board's proposal aimed at boosting the company's financial position, cash balance and sustainability during 2020, amid the air traffic slowdown resulting from the Kingdom's precautionary measures to curb the COVID-19 outbreak.

 

Shareholders also approved authorizing the board to pay interim dividend on a semi-annual or a quarterly basis.

 

SGS's board of directors recommended on March 19 a dividend freeze for H2 2019 as a precautionary measure on the pandemic outbreak.

 

SGS paid cash dividend at SAR 1 a share for H1 2019.

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