Alawwal Bank’s shareholders approve dividend, several deals

Alawwal Bank’s shareholders approved on Tuesday the board of directors’ recommendation to distribute a 2.5 percent cash dividend (SAR 0.25 per share),  amounting to SAR 285.77 million after deducting zakat the lender said in a statement to Tadawul.

The company’s financial statements were also approved, including the board’s report and the external auditor’s report for fiscal year 2017, as well as a number of amendments to the bank’s bylaws.

The extraordinary general assembly approved the indemnification of board members, a remuneration of SAR 4.26 million to be paid to board members, and appointing KPMG Al-Fozan & Partners and Ernst & Young as external auditors for 2018.

Shareholders also approved the following deals, contracts and renewals:

1) A one-year contract with Al-Bustan Company for staff housing worth SAR 1.8 million, and renewed it for another year. Transactions conducted in 2017 stood at SAR 1.784 million.

2) A one-year contract worth SAR 70,396 signed with Schindler Olayan Elevator Co. for elevator maintenance, and approved it for another year. 2017’s deal was valued at SAR 67,044.

3) A one-year deal worth SAR 29,032 inked with Arabian Business Machines Company (ABM) for the maintenance of an x-ray machine. The deal was approved for another year. Last year’s contract was worth SAR 27,650.

4) A one-year contract between the bank and Saudi Xerox Agencies Company (SXL) for departmental printing services worth SAR 3 million. Shareholders authorized the same for another year. Transactions of 2017 amounted to SAR 2.9 million.

The value of all contracts included the value-added tax (VAT).

Board member Lubna Al-Olayan has an indirect interest in all four contracts, the statement said.

Registered shareholders at Securities Depository Center Co. (Edaa) by the end of the second trading day following the extraordinary general assembly are entitled to receive the cash dividend, it added.