Saudi Cement Co.’s extraordinary general assembly on Sunday approved a 27.5 percent cash dividend, to be issued at SAR 2.75 per share for H2 2016, the company said in a statement to Tadawul.

 

Shareholders also approved transferring a statutory reserve surplus of SAR 306 million to retained earnings, the statement said, adding that the statutory reserve now represents 30 percent of capital.

 

Saudi Cement, therefore, will no longer set aside 10 percent of its annual profit to fund its statutory reserve.

 

The board of directors, who will receive a remuneration of SAR 5.06 million for FY16, was authorized to pay interim dividends for the current year.

 

Cash Dividend Details (H2 2016)

Current capital

SAR 1.53 bln

Number of shares

153 mln

Cash dividend

SAR 420.75 mln

Percent of capital

27.5% (SAR 2.75/share)

Record date

April 9, 2017

Payment day

April 17, 2017

 

Dividend for FY 2016

Total cash dividend

SAR 841.5 mln

Percent of capital

55% (SAR 5.50/share)

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