SAMA rejects distribution of AXA Cooperative proposed cash dividend

AXA Cooperative Insurance Co. said it received, on May 20, an email from the Saudi Arabian Monetary Authority (SAMA), rejecting the distribution of cash dividend to AXA shareholders for the fiscal year 2019.

The decision will not have a financial impact on the company’s financials, the insurer said in a bourse statement.

In March, AXA’s board of directors recommended a 7% cash dividend for the fiscal year 2019, at SAR 0.70 per share, amounting to SAR 35 million, according to data compiled by Argaam.