SPIMACO approves 10% cash dividend for FY16

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) shareholders have approved the board’s recommendation on paying cash dividend for 2016 at 10 percent of capital, or SAR 1 a share, the bank said in a statement to Saudi bourse, Tadawul.

Shareholders of record on the general meeting date are entitled to receive dividend. The dividend payment date will be disclosed later.

At the company’s ordinary general meeting (OGM) on April 16, shareholders approved the board of directors’ report, the audit report, balance sheet, and profit/loss statement for 2016.

They also approved SAR 1.5 million in board bonuses for 2016 and approved the transfer of SAR 155 million to the retained earnings, in addition to developing a general reserve through transferring SAR 150 million from retained profit.

Shareholders were also said to have discharged board members from liability associated with their activities in 2016, and selected an external auditor for 2017.