Fitaihi Group shareholders approve withholding dividend for FY2019

Fitaihi Holding Group’s shareholders approved withholding dividend for the second half of 2019 during the ordinary general meeting (OGM) held on May 5, 2020, the company said in a bourse statement.

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

According to data compiled by Argaam, the company’s board of directors recommended, on March 25, withholding cash dividend for the second half of 2019 due to insufficient retained earnings.

The group also said, on April 9, that operations will be impacted by the government’s precautionary measures to curb the spread of coronavirus.