SAPTCO to vote on utilizing SAR 22.1 mln in reserve to offset accumulated losses on April 26

01/04/2021 Argaam

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Saudi Public Transport Co.’s (SAPTCO) shareholders will vote on utilizing SAR 22.06 million in consensual reserve to offset accumulated losses, equivalent to 1.76% of the capital, and transferring SAR 20.66 million in reserve to retained earnings, according to a bourse filing.

 

This will take place during the company’s ordinary general meeting (OGM) slated for April 26, 2021.

 

Shareholders will also vote on paying SAR 1.35 million in board remuneration, in addition to the board’s recommendation to freeze dividend for 2020.

 

In February, SAPTCO's board of directors recommended withholding cash dividend for 2020, Argaam reported.

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