Saudi Catering approves dividends, contracts for FY16

Saudi Airlines Catering Co.’s extraordinary general assembly approved on April 17 a 65.5 percent cash dividend, totaling SAR 537.1 million, for fiscal year 2016, the company said in a statement to Tadawul on Tuesday.

The extraordinary general assembly also approved authorizing the board of directors to distribute the biannual or quarterly dividends for 2017.

The company approved contracts signed in 2016 with its main shareholder, Saudi Arabian Airlines Est. worth about SAR 1.4 billion, and agreed to extend the contract for one year.

It also approved transactions worth around SAR 48.4 million with Saudi Ground Services Co. and extended their agreement for an additional year.

The catering company approved transactions with Saudi Cargo and Saudi Airlines Real Estate Development Co. that are worth about SAR 14.2 million and SAR 7.6 million, respectively and permitted transactions with both companies foe one coming year.

Transactions with Newrest Group Holding Co. worth SAR 17.5 million were approved, along with transactions with Abdulmohsin Al Hokair Group, Gulf West Co. Ltd., Emaar, The Economic City, and National Commercial Bank, and approved extending all agreements for one year.