SACO shareholders approve dividend freeze for 2023, transfer reserve to retained earnings

19/05/2024 ِArgaam
Logo ofSaudi Company for Hardware (SACO)

Logo of Saudi Company for Hardware (SACO)

Saudi Company for Hardware's (SACO) shareholders approved the board’s recommendation to withhold dividends for 2023, during the extraordinary general meeting (EGM) held on May 16.

 

In a statement to Tadawul, the company said that shareholders also authorized the board to distribute dividends on a quarterly or semi-annual basis for 2024.

 

Meanwhile, they approved all other items in the meeting’s agenda, including transferring SAR 24.5 million in statutory reserve as of Dec. 31, 2023, to the retained earnings account.

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