SASCO to pay 10% dividend for FY2019 on July 5

Saudi Automotive Services Co. (SASCO) said it will pay cash dividend on July 5, 2020 for the fiscal year 2019, through Riyad Bank.

Shareholders of record on June 22, including those registered at the Securities Depository Center two days after this date, are eligible to receive the dividend, the company said in a bourse statement.

Meanwhile the profits will be deposited directly into the accounts of the shareholders with investment portfolios linked to a local bank account.

Additionally, the profits will be paid directly by checking into one of Riyad Bank branches for each shareholder with investment portfolios not linked to bank accounts, and for those holding share certificates with no investment portfolios.

Meanwhile, for non-resident foreign investors, the cash dividend distribution which is transferred by the financial intermediary will be subject to a withholding tax of 5%, when transferred or credited to the bank account, in accordance to Article (68) of the tax system and Article (63) of its executive regulations.

Earlier this month, the company’s shareholders approved a 10% cash dividend at SAR 1 per share for FY2019, according to data compiled by Argaam.