Amlak International shareholders approve 8% cash dividend for 2020

Amlak International for Real Estate Finance Co.’s shareholders approved the board of directors’ recommendation of an 8% cash dividend, or SAR 0.80 per share, for 2020, during the ordinary general assembly meeting (OGM) held on May 24, 2021.

Shareholders also approved the election of the board members for the upcoming three-year session, starting June 4, 2021.

Board members elected include Abdullah bin Ibrahim Al Howaish, Mansour bin Abdul Aziz Al Bosaili, Amr bin Mohammed Kamel, Mohammed Abdul Aziz Alshaya, Khalid bin Abdul Aziz Al Rayes, Majid bin Abdulghani Faqih, Nasser Yousef Al Marzouqi, Abdullah Turki Alsudairy, and Ali Mohammed Alshamali.

Shareholders also approved the formation of the audit committee, and the definition of its duties, work regulations and remuneration of its members for the new three-year session that starts June 4, 2021.

Audit committee members include Mansour Abdulaziz Al Bosaili, Mohammad Abdulaziz Al Shayea, Khaled Abdulaziz Al Rayes, and Nasser Sahaj Al Shaibani.

They also ratified the business and contracts concluded between Amlak International and the Saudi Investment Bank (SAIB), in which board members Faisal bin Abdullah Al Omran, Majid Abdulghani Fakih, and Khalid bin Abdulaziz Al Rayes have indirect interest.

SAIB possesses 22.40% of shares represented in Amlak International, in the form of renewing the credit facilities with the bank in an amount totaling SAR 664.5 million for one year.

The value of facilities provided in 2020 was approximately SAR 451.2 million and without preferential conditions.