SRMG shareholders suspend transfer of 10% profit to statutory reserve

Logo of Saudi Research and Media Group (SRMG)

Shareholders of Saudi Research and Media Group (SRMG) approved suspending the transfer of 10% of net profit to the statutory reserve starting from Q1 2022, during the ordinary general meeting (OGM) held on May 19.

SRMG cited that the statutory reserves stood at 36.7% of the group’s capital as of Dec. 31, 2021, according to a statement to Tadawul.

The shareholders also approved other items on the meeting agenda.