Umm Al-Qura Cement’s shareholders approve board report for 2017, key issues

Umm Al-Qura Cement Co.’s ordinary general assembly meeting has approved on Monday the board of directors’ report and the financial statements for fiscal year 2017, the firm said in a statement to Tadawul.

Shareholders approved the board of directors’ total remuneration of SAR 1.2 million for last year and have acquitted them of any liabilities. A SAR 50,000 bonus for each board member was also approved.

They also approved appointing RSM audit office for Q2-Q4 and annual financial statements of this year, as well as Q1 of 2019.

The general assembly approved the remuneration policy for the board of directors, executive management and committees. They also approved the updates nominations policy.

Shareholders during the meeting have approved re-appointing the current board members for the new three-year term starting on July 4, 2018.

They authorized the board of directors to pay semi-annual or quarterly dividends for fiscal year 2018 according to company financial position and expansion plans.

The shareholders approved forming the auditing commitee and appointed its members for the new term.

They approved deals and contracts signed with Abdulaziz Omran Al Omran and Partners Co. as chairman Abdulaziz bin Omran Al Omran is a related party. Shareholders also authorized next year’s transactions, likely to be valued at SAR 20 million.