Maaden shareholders approve 2020 dividend freeze

Logo of Maaden

Saudi Arabian Mining Co.’s (Maaden) shareholders approved the board’s recommendation on withholding dividend for 2020, during the ordinary general meeting held on March 15, the company said in a bourse statement.

Shareholders also discharged board members from liability for the same FY and approved other agenda items.

In February, Maaden’s board of directors recommended withholding dividend for 2020 to finance ongoing and planned projects.

Maaden narrowed losses to SAR 209 million in 2020, from SAR 739.5 million a year earlier.

Maaden did not pay any dividends since listing in 2008.