National Building shareholders approve 2022 dividend freeze

National Building and Marketing Co. (NBM)

National Building and Marketing Co.’s (NBM) shareholders approved the board’s proposal to withhold dividend for the year ended Dec. 31, 2022, during the ordinary general meeting (OGM) held on May 10, according to a statement to Tadawul.

Shareholders also approved a number of business contracts, in which some board members are indirect related parties, and ratified other agenda items.

The company recommended to freeze dividend for 2022 to finance its ongoing and planned projects in line with its strategy and to boost liquidity as well as financial position, data compiled with Argaam showed.