BinDawood shareholders approve related-party contracts, authorize board to pay interim dividends for 2021

BinDawood Holding headquarters

BinDawood Holding Co.'s shareholders approved business and contracts concluded with a number of related parties in 2020, valued at SAR 135.96 million, during the extraordinary general meeting (EGM) held on June 28, the company said in a bourse statement.

The company had signed 20 contracts with Al-Riyadah National Real Estate Co. worth SAR 43.55 million, 18 contracts with Amwaj Properties valued at SAR 26.23 million, five contracts with Abdul Khaliq Bin Dawood Establishment totaled at SAR 36.38 million, and one contract each with International Commercial Apps Ltd., Safa Co. Ltd., and Bin Dawood Trading Co. Ltd. valued at SAR 20.23 million, SAR 8.63 million, and SAR 935,000, respectively.

During the meeting, shareholders delegated the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2021.

They also approved financial statements as well as board and auditor reports for 2020, and discharged the board members from liabilities during 2020.

Shareholders also agreed to amend and add a number of articles to the company’s articles of association.

They also approved other items on the agenda.