Arabian Cement shareholders to vote on 12.5% dividend for H2 2020 on April 11

Shareholders of Arabian Cement Co. are set to vote on a board recommendation to distribute a 12.5% cash dividend,  at SAR 1.25 per share, amounting to SAR 125 million for H2 2020, during the ordinary general assembly meeting (OGM) that will be held on April 11, 2021.

Shareholders will also discuss financial results, as well as the board and auditor reports for 2020.

They will also appoint an auditor, discharge board members from liability, in addition to approving board remuneration of SAR 2 million for the same year.

The OGM will vote on authorizing the board of directors to distribute interim cash dividends on semi-annual or quarterly basis for 2021.

Shareholders will also ratify the contracts and transactions concluded between the company and the Ready-Mix Concrete and Construction Supplies Co. (RMCC) in Jordan, in which two board members, Saud Abdulaziz Abdullah Al-Suleiman and Mutaz Kusai Hassan Al-Azzawi (non-executive directors), have an indirect interests since they hold the post of RMCC board.

The transaction is a cement procurement process and construction supplies done by RMCC through its subsidiary, Qatrana Cement Co. The transaction, which was conducted in 2020, is valued at SAR 52.4 million, considering no preferential terms are applicable.

Shareholders will vote on the assembly items as of April 7, 2021, through Tadawul services.