Tasnee shareholders to discuss SAR 1/share dividend, Cristal Hike April 8

National Industrialization Co. (Tasnee) will discuss its board proposal for a cash dividend at 10 percent of par value, or SAR 1 per share for 2014 on April 8.

Shareholders will also discuss the company’s stake in  Cristal. Tasnee announced last December that it would up its holding in the titanium dioxide (TiO2) producer by up to 79 percent from 66 percent.  

The meeting will be held at the company’s headquarters in Riyadh on April 8.

Shareholders of record on the general assembly date are eligible to receive the dividend. The payment date will be announced later on.

The upcoming general assembly meeting will also discuss the board’s report, the audit report, and closing accounts up until Dec. 31, 2014.

An external auditor will also be elected for the current fiscal year.

A board remuneration of SAR 2 million (SAR 200,000 for each member) is also on the table for discussion.

The meeting will be approved if shareholders representing 50 percent of the company’s capital attend. Shareholders, who own 10 shares, have the right to participate in the meeting.

Those who are not able to attend may entrust other shareholders (non-board member or a company employee) through a power of attorney duly attested by a chamber of commerce or a bank. The power of attorney should be sent at least three days ahead of the meeting date.