MOBI’s board OKs new dividend policy

Logo of MOBI Industry Co.

MOBI Industry Co.’s board of directors approved, on March 7, a dividend distribution policy, which aims to establish a clear and systematic mechanism for paying dividends to its shareholders.

In a statement to Tadawul, the company said that the most important items in the policy include that dividends are distributed on a quarterly, semi-annual, or annual basis from distributable dividends in accordance with the audited or studied financial statements, and in line with the relevant laws and regulations.

Additionally, the policy stipulated that the board shall issue its resolution to distribute interim dividends in accordance with the authorization obtained from the general assembly or recommend to the general assembly the distribution of dividends.

The company shall distribute distributable dividends at the end of each financial period in which dividends are decided, and the distribution shall be subject to what the board deems appropriate based on the company's financial position, available liquidity, capital expenditures and financial obligations.

Dividends shall be distributed to registered shareholders within 15 working days from the maturity date.

The application of the new policy is linked to the absence of material changes in the company's business or obligations, the statement added.

According to data available with Argaam, MOBI declared in November 2023 a fixed quarterly dividend policy starting Q3 2023.

The board of directors decided in October 2024 to suspend the dividend distribution mechanism until a new mechanism was approved.

Click the link to view the new dividend distribution policy:

Dividends Distribution Policy