SACO shareholders to vote on withholding H2 2019 dividend on April 30

Saudi Company for Hardware’s (SACO) shareholders are set to vote on withholding dividend for H2 2019, during the general assembly meeting that will be held on April 30, 2020.

Shareholders will also vote on delegating the board of directors to distribute interim dividend for the fiscal year 2020 on a semi-annual or a quarterly basis.

The company said in a bourse statement that the dividend’s eligibility and payment will be determined according to the Companies Law, in line with the firm’s financial position and cash flow.

In March, SACO’s board of directors recommended withholding dividend for H2 2019 to boost financial position and liquidity in 2020, amid the Kingdom's precautionary measures to curb COVID-19, according to data compiled by Argaam.

The company distributed SAR 1 per share cash dividend for H1 2019.