Alujain shareholders approve dividend policy for 2022, 2023; remove ‘Holding’ from company name

Logo of Alujain Holding Corp.

Alujain Holding Corp.’s shareholders approved the company’s dividend policy for 2022 and 2023, during the extraordinary general meeting (EGM) held on May 18, according to a bourse filing.

Alujain aims to pay a cash dividend at 10% of the paid-in capital, or SAR 1 a share minimum for each year. However, the dividend policy will remain subject to changes based on several factors, including any material changes in the company’s strategy and business portfolio; an increase in the company's future investments and projects; and any current or future obligations to financial entities.

The shareholders also authorized the board to distribute interim dividends for 2022.

They further approved suspending the allocation of 10% of net profit to the statutory reserve as of financial statements on March 31, 2022. The statutory reserve reached 41.63% of capital as on Dec. 31, 2021.

The shareholders also approved an amendment to Article 2 of the bylaws, related to company’s name. They ratified removing “Holding” from the name to make it “Alujain Company”.

They also approved the amendment of Article 3, related to company objective.

The objectives now include investing in industrial projects, including, but not limited to, projects related to the petrochemical and chemical industries, basic and downstream industries, and industries related to renewable energy.

Establishing, operating and owning industrial projects inside and outside Saudi Arabia.

Marketing the company's products inside and outside the Kingdom, and wholesale and retail trade in products related to the company's activities.

Owning real estate and constructing buildings and warehouses necessary to preserve and store the company’s products and for other uses that the company needs in its operations.

Managing subsidiaries and providing the necessary support to them, along with head office activities.

The objectives also include operations in plastic industry (plastics) in its primary forms and propylene industry, in addition to activities of investment companies and holding companies.

Investment activities for the own account of the units concerned, including venture capital companies and investment clubs.

Further objectives encompass manufacture of chemical elements, and manufacture of basic organic chemicals, including acetylene, except for fertilizers and nitrogenous compounds.

For company's objectives before amendment, click below: