Buruj board recommends no dividend for 2022

Logo of Buruj Cooperative Insurance Co.

Buruj Cooperative Insurance Co.’s board of directors recommended, on March 8, withholding dividends for 2022.

In a statement to Tadawul, the company pointed out that the decision aims to support and strengthen its financial position.

The recommendation is subject to Buruj shareholders’ approval during the next ordinary general meeting, to be determined later, the statement added.

According to data compiled Argaam, the company paid cash dividends only two times since its debut in 2010. Accordingly, it distributed SAR 1 and SAR 0.5 a share for 2018 and 2016, respectively.

Buruj’s capital (which currently amounts to SAR 300 million) was changed in 2019 through distributing bonus shares, and in 2015 through a rights issue.