SACO shareholders to discuss 2022 dividend freeze on June 14

24/05/2023 Argaam
Logo ofSaudi Company for Hardware’s (SACO)

Logo of Saudi Company for Hardware’s (SACO)

Saudi Company for Hardware’s (SACO) shareholders will discuss the board’s proposal to withhold dividends for 2022, during the extraordinary general meeting (EGM), scheduled for June 14, according to a statement to Tadawul.

 

Shareholders will also vote on a buyback of 350,000 shares maximum to be retained as treasury shares. SACO’s board believes shares are trading below their fair value. The share buyback will be financed from the company’s internal resources.

 

The board was authorized to carry out the share repurchase in 12 months maximum from the general meeting decision. Shares will be retained for five years maximum from the EGM date.

 

Additionally, shareholders will vote to authorize the board to pay an interim dividend for 2023 on a semiannual or a quarterly basis, the statement added.

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