Northern Cement shareholders approve withholding dividend for FY19

Shareholders of Northern Region Cement Co. approved the board recommendation on withholding cash dividend for the fiscal year 2019, the company said in a bourse statement on Monday.

They also approved contracts and transactions with related parties to sell 35,000 tons of bulk cement for one year at a total value of SAR 6 million. Moreover, a total of 140,000 of fuel supplies were also approved for the company at a total value of SAR 13.86 million.

Shareholders also approved financial statements, board and audit reports for the same fiscal year.

A board remuneration of SAR 1.20 million for FY19 was also endorsed, and an external auditor was appointed for FY20 and Q1 2021, the statement added.

The cement producer’s last cash dividend was paid in H1 2016 at SAR 0.45 per share.