City Cement EGM OKs SAR 211.2M reserve transfer to retained earnings

01/07/2024 Argaam

City Cement EGM OKs SAR 211.2M reserve transfer to retained earnings

Production line in City Cement Co.

City Cement Co.’s shareholders approved transferring the statutory reserve of SAR 211.2 million as of Dec. 31, 2023, to the retained earnings account during the extraordinary general meeting (EGM) on June 30.

 

According to a statement to Tadawul, shareholders also approved all other items in the agenda, including authorizing the board of directors to distribute interim dividends to shareholders semi-annually or quarterly for 2024.

 

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