Fitaihi shareholders approve H2 2021 dividend freeze

Fitaihi Holding Group’s shareholders approved the board of directors’ recommendation of not distributing cash dividends for H2 2021, during the general assembly meeting held on April 21.

The shareholders also authorized 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 shareholders 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 term starting from April 22, 2022.

The audit committee members include Adnan Abdulfattah Soufi, Ibrahim Hassan Al-Madhoon, and Ibrahim Omar Badawood.

They also approved the audited financial statements, as well as audit and board reports for 2021, and discharged board members from liabilities for 2021.

In March, Fitaihi’s board of directors recommended withholding dividends for H2 2021 to finance the group's investment operations to increase the return on shareholders' equity, Argaam reported.

In November, Fitaihi’s board approved the distribution of a 5% cash dividend, or 0.50 per share, for H1 2021.