Walaa shareholders to vote on withholding FY2019 dividend on June 29

Walaa Cooperative Insurance Co.’s shareholders are set to vote on a board of director’s recommendation to withhold cash dividend for the fiscal year 2019, during the ordinary general assembly meeting that will be held on June 29, 2020.

The insurer said in a bourse statement that the decision will strengthen the company’s financial position.

Shareholders will also vote on all other items on the meeting’s agenda including board and audit reports for FY2019, related party transactions, and discharging board members from liability for FY2019.

In March, Walaa’s board of directors recommended withholding dividend for FY2019 in order to strengthen the company’s financial position, according to data compiled by Argaam.