Saudi Airlines Catering halts transfer of 10% profit to statutory reserve

Saudi Airlines Catering Company (SACC) shareholders have approved the suspension of the allocation of 10 percent from the net profit to the statutory reserve, which currently exceeds 30 percent of the paid-up capital, in accordance with the Article 129 of the Company’s Law.

The decision was endorsed at the extraordinary general assembly meeting (EGM) held on December 21, the company said in a statement to Tadawul.

At the EGM, the shareholders approved amending the Article 4 of the company's bylaws that deals with its activities by amending and adding activities; corporate governance manual and policies, standards, and procedures of the board of directors membership.

Stakeholders also gave their nod on the updated internal policies of the board of directors; the audit committee charter; the nomination and remuneration committee charter, and the remuneration policy of members of the board of directors, committees, and executive management.