SADAFCO shareholders approve fiscal reports, dividends

Saudia Dairy and Foodstuff Co.’s (SADAFCO) ordinary general assembly approved on June 11 the board report, financial statements and audit report for the fiscal year ending on March 31, it said in a bourse statement.

Shareholders approved the board of directors’ recommendation to pay a 20 percent cash dividend for the second half ended March 31, 2019, at SAR 2 per share, amounting to SAR 65 million.

They also approved the previously disbursed similar cash dividend for the first half of the fiscal year.

The shareholders approved to delegate the board of directors to distribute interim dividends for the fiscal year ending on March 31, 2020, and approved on appointing PricewaterhouseCoopers as the external auditor for the remaining quarters of this year as well as Q1 2020.

They also approved board members’ remuneration of SAR 2.8 million for the year.

Shareholders approved deal and transaction between the firm and Al Buruj Cooperative Insurance Company (Saudi Arabia), and PKC Advisory, in which board members are elated parties. These transactions were worth SAR 9.9 million and SAR 905,000, respectively.