Southern Cement shareholders approve 25% cash dividend for H2 2020

Southern Province Cement Co.'s shareholders approved the board's proposal for a 25% cash dividend, or SAR 2.5 a share, for the second half of 2020 during the ordinary general meeting on April 11, 2021.

Shareholders also agreed to authorize the board of directors to distribute interim dividends on a semi-annual basis for 2021.

They also approved the works and contracts concluded between the company and Saudi Chemical Holding Co., in which the board member Thamer bin Muhammad bin Muqham Al-Muhaid has an indirect interest in his capacity as its CEO. The contract consists of supplying civilian explosives for 36 months from Feb. 7, 2019, until Feb. 6, 2022, which will be automatically renewed for a similar period. The annual transaction value is estimated at SAR 10 million, according to the actual quantities transferred and delivered to the buyer without preferential conditions.

Furthermore, shareholders gave the nod to the business and contracts concluded between the company and United Cooperative Insurance Co., in which board member Mansour bin Abdulaziz Al-Sagheer has an indirect interest through his position as a board member. The insurance deal, worth SAR 3.3 million, is to secure equipment and sea freight without preferential terms.