Maaden approves dividend freeze for FY16

Saudi Arabian Mining Co.’s (Maaden) shareholders have approved the board’s recommendation to withhold dividend for FY16, the company said in a statement on Monday to Tadawul.

Earlier this year, Maaden said it would not issue dividends as it plans to focus on its investments and ongoing projects. The company is also trying to cope with the slump in commodity prices, which has affected FY16 earnings.

At the firm’s extraordinary general meeting (EGM) on April 2, shareholders also approved the board of directors’ report, an audit report, and consolidated financial statements for 2016.

Moreover, shareholders discharged board members from liability associated with their activities in 2015, selected an external auditor for 2017, appointed new government representatives to the board, and formed an audit committee for the current term ending Oct. 24, 2017.