GACO shareholders to vote on withholding FY2019 dividend on Jan. 27

Al Gassim Investment Holding Co.’s (GACO) shareholders are set to vote on withholding dividend for the fiscal year 2019, during the extraordinary general assembly meeting that will be held on Jan. 27, 2021.

The company said in a bourse filing that the shareholders will also vote on changing the objectives, through adding the paragraph "providing loans, guarantees, and funds to GACO subsidiaries".

Moreover, they will discuss amending Article 4, through deleting the clause “Provided that the capital is not less than SAR 5 million”, so that it will be “The company participates in other firms in a ratio that enables it to control it through ownership or management, as it may also establish companies on its own (with limited liability (LLC) or closed joint stock)”.

The shareholders will also discuss amending Articles, 18, 28, 39, and 43 of the company’s Articles of Association, in addition to Articles 20 and 21, related to the board of directors’ remunerations and the powers of the chairman, deputy chairman, and the secretary.