Saudi Cement Co.’s extraordinary general assembly on Sunday approved a 27.5 percent cash dividend, to be issued at SAR 2.75 per share for H2 2016, the company said in a statement to Tadawul.
Shareholders also approved transferring a statutory reserve surplus of SAR 306 million to retained earnings, the statement said, adding that the statutory reserve now represents 30 percent of capital.
Saudi Cement, therefore, will no longer set aside 10 percent of its annual profit to fund its statutory reserve.
The board of directors, who will receive a remuneration of SAR 5.06 million for FY16, was authorized to pay interim dividends for the current year.
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Cash Dividend Details (H2 2016) |
|
|
Current capital |
SAR 1.53 bln |
|
Number of shares |
153 mln |
|
Cash dividend |
SAR 420.75 mln |
|
Percent of capital |
27.5% (SAR 2.75/share) |
|
Record date |
April 9, 2017 |
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Payment day |
April 17, 2017 |
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Dividend for FY 2016 |
|
|
Total cash dividend |
SAR 841.5 mln |
|
Percent of capital |
55% (SAR 5.50/share) |
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