Arriyadh Development OGM rejects major shareholders’ proposal for SAR 0.5/share dividend

Logo of Arriyadh Development Co. (ARDCO) 

The ordinary general meeting (OGM) of Arriyadh Development Co. (ARDCO) rejected, on June 29, a proposal by some major shareholders to distribute a cash dividend of SAR 0.50 per share, or a total of SAR 88.89 million, from retained earnings.

Meanwhile, the audit committee formation and its remuneration policy were approved for the new three-year term that started from June 29, the company said in a statement to Tadawul.

The audit committee members are Sulaiman Al-Qahtai and Naif Al-Hudaithi (independent), as well as Ahmed Al-Kanhal and Saleh Al-Khalaf (non-board members).

The real estate developer paid a cash dividend of SAR 1.5 per share for 2021, Argaam earlier reported.