SAICO shareholders approve dividend freeze for 2020

Logo of SAICO

Saudi Arabian Cooperative Insurance Co.’s (SAICO) shareholders approved board of directors’ recommendation to withhold dividend for 2020, during the extraordinary general meeting (EGM) held on May 30, 2021, the insurer said in a bourse filing.

According to the data available with Argaam, the company had earlier said that the board of directors’ recommendation on dividend freeze aimed to keep the profits achieved to support its financial position to finance future development plans.

Shareholders also approved the board and auditor reports, as well as financial statements for 2020, and discharged board members from liability for last year.

During the meeting, shareholders approved appointing an external auditor to review financial results for Q2, Q3, Q4 2021 and Q1 2022, and paying SAR 660,000 in board remuneration for 2020.

They also approved business contracts with other firms in addition to amending articles of association.