GACO’s board halts capital hike process, recommends withholding 2019 dividend

26/03/2020 Argaam

 

Al Gassim Investment Holding Co.’s (GACO) board of directors decided, on March 25, to halt the capital hike for the time being.

 

The company attributed the decision to 2019 financial results and current global economic situation, according to a bourse filing.

 

The board also recommended withholding distribution of cash dividend for 2019, based on the company’s 2019 earnings.

 

The board’s recommendation will be put to the vote at the upcoming general meeting.

 

In June 2019, GACO’s board recommended capital increase through a rights issue of SAR 100 million to support its operations, Argaam reported.

 

In December 2019, the board also recommended the distribution of 2.5% (SAR 0.25 per share) cash dividend to shareholders for the fiscal year 2019.

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