Electrical Industries shareholders approve SAR 62.2M reserve transfer to retained earnings

29/04/2024 Argaam

Electrical Industries shareholders approve SAR 62.2M reserve transfer to retained earnings

Logo of Electrical Industries Co. (EIC)

Electrical Industries Co.'s (EIC) shareholders approved transferring the statutory reserve, amounting to SAR 62.2 billion as of Dec. 31, 2023, to retained earnings.

 

Shareholders’ approval came during an extraordinary general meeting (EGM) held on April 28, according to a statement to Tadawul.

 

During the meeting, shareholders also authorized the board of directors to distribute interim dividends for 2024 on a semi-annual or quarterly basis.

 

Meanwhile, they approved all other items on the agenda.

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