Al Alamiya shareholders approve withholding dividend for FY2019

Al Alamiya for Cooperative Insurance Co.’s shareholders approved withholding dividend for the fiscal year 2019 during the ordinary general assembly meeting (OGM) held on June 8, 2020.

Shareholders also approved financial statements, board's report, and auditor's report for FY2019, the company said in a bourse statement.

Additionally, they discharged board members from liability for FY2019, and appointed new external auditors for Q2, Q3, Q4, FY2020, and Q1 2021.

During the meeting, shareholders endorsed board remuneration at SAR 865,500 million for FY2019, as well as the business contracts signed between the company and other entities.

According to data compiled by Argaam, the company’s board of directors recommended, on May 14, withholding cash dividend for FY2019 to strengthen the company’s financial position.

This is the fifth consecutive year that Al Alamiya decides to freeze dividends.