Farm Superstores shareholders approve 2020 dividend freeze

Logo of Farm Superstores

Saudi Marketing Co.’s (Farm Superstores) shareholders approved the board of directors' recommendation on withholding dividend for 2020, during the ordinary general meeting held on May 25, 2021.

The company said in a bourse statement that shareholders approved financial statements, and board and auditor's report for 2020, in addition to discharging the board members from liability for the same year.

During the meeting, they appointed Dr. Mohammed Al-Amri & Co. as the new external auditor to review and audit the financial statements for Q2, Q3 and 2021, and Q1 2022, and determining their fees.

Shareholders endorsed the payment of SAR 1.4 million as remuneration for the board members for 2020, and approved business contracts signed with other entities in 2020.

According to data compiled by Argaam, the company's board of directors recommended not to distribute dividends in order to support and strengthen the financial position and expansion in 2021.