Al-Babtain shareholders to vote on interim dividends for 2020 on June 10

Al-Babtain Power & Telecommunication Co.’s (Al-Babtain) shareholders will vote on authorizing the board of directors to distribute interim dividends on a semi-annual or quarterly basis for the fiscal year 2020, during the ordinary general meeting (OGM) slated for June 10, the company said in a bourse statement on Wednesday.

They will also vote on determining the maturity and payment date, based on the regulatory procedures under the Companies Law and the company’s financial situation, cash flows and expansion plans.

In addition, shareholders will vote on financial statements, as well as board and auditor reports for fiscal year ending Dec. 31, 2019.

They will also appoint a new auditor for Q2, Q3, Q4, FY2020 and Q1 2021, in addition to dismissing the current board of directors.

Shareholders will participate in the meeting through electronic voting as of June 6, in line with the Capital Market Authority's (CMA) circular issued, on March 16, enabling shareholders to participate and vote on general meeting agenda items through Tadawulaty system in line with the government’s efforts to prevent spread of coronavirus.