Savola shareholders to vote on 3% dividend for FY 2019 on April 29

Savola Group’s shareholders are set to vote on the board’s recommendation to distribute a 3% cash dividend, or SAR 0.30 per share, for the fiscal year 2019, during the extraordinary general meeting (EGM) that will be held on April 29, 2020.

Shareholders will be able to participate and vote on agenda items through Tadawulaty services offered by the Securities Depository Center Co. (Edaa), in line with the Capital Market Authority’s (CMA) decision to suspend personal attendance at general meetings to contain the spread of Coronavirus.

 Shareholders will also vote on the consolidated financial results, as well as the board and auditor’s reports for the fiscal year (FY) ended Dec. 31, 2019.

In addition, they will vote on appointing an auditor, discharging board members from liabilities for FY 2019, in addition to a board remuneration of SAR 2.150 million for 2019.

Shareholders will also vote on the buyback of 700,000 shares and retain them as treasury shares under the Employees Long Term Incentive Program (LTIP).

Additionally, they will authorize the board of directors to define the terms and policies governing this buyback program.

The board of directors will also be authorized to complete the repurchase process in a period of 12 months maximum from the general meeting date.

The buyback will be financed from the company’s internal resources, and the company may retain its treasury shares without selling them or allocating them to its employees as Employees’ Shares Plan for a maximum period of 5 years.