Qassim Cement shareholders approve investing in NBK Wealth Management funds

Logo of Qassim Cement Co.

Qassim Cement Co.'s shareholders, during the ordinary general assembly meeting held on March 17, 2021, approved the business and contracts between the company and NBK Wealth Management, where Chairman Tariq Al Mutlaq holds indirect interest.

Qassim Cement invested part of its liquidity, amounting $8.54 million, in limited Islamic lease and finance funds managed by NBK Wealth Management.

Al Mutlaq also holds the chairman’s position at NBK Wealth Management.

Shareholders also approved other items on the meeting’s agenda, including delegating the board of directors to pay interim cash dividends on a quarterly basis for 2021, the company said in a bourse filing.

Meanwhile, they approved the decision of the board of directors regarding the dividend distribution amounting to SAR 400.5 million, or SAR 4.45 per share for the first, second and third quarters of 2020.

During the meeting, shareholders also approved the standards of the board member's competing activity.