Alandalus shareholders authorize board to pay interim dividends for 2022

Alandalus Property Co.'s building

Shareholders of Alandalus Property Co. approved on May 15 authorizing the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2022, the company said in a statement to Tadawul.

The board was also delegated to set the payment dates, in accordance with the regulatory rules and procedures issued pursuant to Companies Law.

They also approved the contracts concluded between the company and Massat, in which Alandalus Chairman, Abdulsalam Alaqeel, and Vice Chairman, Saleh Alhabib, have indirect interests. They own indirect stakes and serve as board members in Buroj International.  

The nature of the contract is purchasing a land in Umm Jarfan neighborhood, southwest of Makkah. The land spans a total area of 127,434 square meters. The contract’s total value is SAR 174.19 million. There are no preferential terms in this contract, Alandalus added. 

The real estate developer paid out a 5% cash dividend for 2021, Argaam earlier reported.