Yanbu Cement shareholders amend company objectives, delegate board to distribute dividend for 2022

Logo of Yanbu Cement Co.

Yanbu Cement Co.’s (YCC) shareholders approved amending bylaws article related to the company’s objectives, during the extraordinary general meeting (EGM) held on June 1.

Meanwhile, they also delegated the board of directors to distribute interim dividend on a semi-annual basis for 2022, in addition to deleting and amending some articles of bylaws.

According to data compiled by Argaam, the company’s objectives after amendment will include the manufacture and production of cement, its derivatives, components and subordinates.

Transporting, marketing cement, its derivatives, components and subordinates and cement trade inside and outside Saudi Arabia, whether produced by the company or third parties, as well as carrying out all related work directly or indirectly for this purpose.

Manufacturing and processing all products, appliances, vehicles and tools related to the cement industry, the construction, operation and completion of mills, packaging and other associated industries.

Objectives will also include the practice of mining, exploration and exploitation of quarries for the company’s use and exporting.

Export and import of all cement products, derivatives, components, subordinates and other similar products, whether produced by the company or others.

Owning real estate and movable and immovable assets inside and outside the Kingdom necessary to achieve the company's purposes, and invest and dispose of them.

Obtaining and granting of commercial agencies, along with establishing training centers, companies, educational and research programs.

Financial services, investment funds, savings funds, securities and guarantees services, insurance, administrative and other services related to joint stock companies.

In addition, the objectives cover the establishment, production, operation and trade of paper and plastic bag factories in all their forms.