Farm Superstores shareholders approve dividend freeze for 2021

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Shareholders of Saudi Marketing Co. (Farm Superstores) approved, during the extraordinary general meeting (EGM) held on June 6, the board recommendation to withhold dividends for 2021, according to a statement to Tadawul.

Shareholders also ratified amending Article (3) of the company’s bylaws related to the company’s purposes. Accordingly, the following purposes will be added: agriculture and fishing; mines, oil and related activities; manufacturing industries and branches thereof based on industrial licenses; electricity, gas, water and branches thereof; building and construction; transport, storage and refrigerating; financial, business and other services; social, collective and personal services; trade; information technology; security and safety; fodder stores and food warehouses; sales agents for cosmetics; and motor vehicles and motorcycles wholesale and retail trade and repair.

The dividend freeze recommendation aims to strengthen the company’s financial position and support its expansion and renovation plans during the current year, data compiled by Argaam showed