Saudi Ceramics board recommends transfer of statutory reserve to retained earnings

Logo of Saudi Ceramic Co. (Saudi Ceramics)

Saudi Ceramic Co.’s (Saudi Ceramics) board of directors recommended, on April 3, transferring the company’s general reserve to retained earnings.

In a statement to Tadawul, the company noted that the general reserve amounts to SAR 241.71 million as of Dec. 31, 2023.

In a separate statement to Tadawul, the board recommended buying back no more than 320,000 of the company’s shares for allocating them to the company’s long-term incentives plan.

The buyback will be funded from the company's internal resources.

The acquired shares are ordinary shares with no voting rights at shareholder meetings, the statement noted.

The company does not hold any shares of the kind currently.

The board’s recommendation will be presented for approval at the extraordinary general meeting.

Additionally, Saudi Ceramics highlighted the need to meet the financial solvency requirements specified in the executive regulations of the Companies Law for listed joint-stock companies.