Al Babtain to stop setting aside 10% as statutory deposit

Al-Babtain Power & Telecommunication Co.’s general assembly on Thursday agreed to stop setting aside 10 percent of its net profit towards statutory deposit as the deposit has reached 30 percent of the company’s paid-up capital.

Shareholders also approved SAR 2 per share cash dividend that was previously distributed for fiscal year 2016, according to the company’s statement on Tadawul.

During the meeting, shareholders authorized the company’s board to issue dividend for the fiscal year 2017.