Alinma Bank approves 5% dividend for 2016

Alinma Bank shareholders have approved a 5 percent cash dividend for 2016 at SAR 0.5 a share, totaling SAR 745 million after deducting zakat, the bank said in a statement to the Saudi bourse (Tadawul).

Shareholders of record on the general assembly meeting date are entitled to receive the dividend, which will be deposited in portfolios on April 19, 2017.

During the company’s extraordinary general meeting (EGM) on April 6, shareholders approved the board of directors’ report, an audit report and all financial statements for 2016.

Shareholders also discharged board members from liability associated with their activities in 2016, and select an external auditor for 2017.

Moreover, they approved SAR 4 million in board bonuses for 2016, and endorsed all insurance coverage contracts signed with Alinma Tokio Marine Co.