Shareholders of Zamil Industrial Investment Co. on Thursday approved a 10 percent cash dividend, to be issued at SAR 1 per share for H2-2016, bringing the total dividend for fiscal year 2016 to SAR 2 per share.
They also approved transferring the excess amount of SAR 120 million from statutory reserve to retained earnings, as the statutory reserve has reached 30 percent of paid-up capital.
The company will no longer set aside 10 percent of its net profit to statutory reserve.
In addition, the extraordinary general assembly approved a remuneration of SAR 200,000 for each board member for the fiscal year 2016.
Shareholders also approved the board of directors’ recommendation to appoint Ernst & Young as statutory auditors for fiscal year 2017.
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Cash Dividend Details |
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Current Capital |
SAR 600 mln |
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Number of shares |
60 mln |
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Cash dividend |
SAR 60 mln |
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Percent capital |
10% (SAR 1/share) |
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Record date |
May 4, 2017 |
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Eligibility date |
May 8, 2017 |
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Payment day |
May 8, 2017 |
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Dividend for FY 2016 |
|
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Total cash dividend |
SAR 120 mln |
|
Percent of capital |
20% (SAR 2/share) |
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