Shareholders of Zamil Industrial Investment Co. on Thursday approved a 10 percent cash dividend, to be issued at SAR 1 per share for H2-2016, bringing the total dividend for fiscal year 2016 to SAR 2 per share.

 

They also approved transferring the excess amount of SAR 120 million from statutory reserve to retained earnings, as the statutory reserve has reached 30 percent of paid-up capital.

 

The company will no longer set aside 10 percent of its net profit to statutory reserve.

 

In addition, the extraordinary general assembly approved a remuneration of SAR 200,000 for each board member for the fiscal year 2016.

 

Shareholders also approved the board of directors’ recommendation to appoint Ernst & Young as statutory auditors for fiscal year 2017.

 

  Cash Dividend Details

Current Capital

SAR 600 mln

Number of shares

60 mln

Cash dividend

SAR 60 mln

Percent capital

10% (SAR 1/share)

Record date

May 4, 2017

Eligibility date

May 8, 2017

Payment day

May 8, 2017

Dividend for FY 2016

Total cash dividend

SAR 120 mln

Percent of capital

20% (SAR 2/share)

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