Arabian Cement approves 10% cash dividend for H2 2019

Shareholders of Arabian Cement Co. (ACC) approved the board recommendation on distributing a 10% cash dividend, or SAR 1 per share, for the second half of 2019, the company said in a bourse statement on Monday.

The company had earlier approved a total dividend of SAR 75 million for H1 2019, bringing the full-year dividend to 17.5%, or SAR .1.75 per share, totaling SAR 175 million.

The second-half dividend will be credited by Riyad Bank to eligible shareholders’ accounts on Thursday, May 7.

The board of directors was authorized to distribute cash dividend on a quarterly or semiannual basis for 2020, and was discharged from liability for the previous fiscal year.

Shareholders also approved financial statements, board and audit reports for FY19. 

A board remuneration of SAR 1.8 million for the same fiscal year was also endorsed, and an external auditor was appointed for FY20 and Q1 2021.

Moreover, transactions and contracts between the cement producer and Jordan’s Ready Mix Concrete and Construction Supplies were also endorsed, the statement added.