Northern Cement shareholders authorize board to pay 2022 interim dividends

Logo of Northern Region Cement Co.

Shareholders of Northern Region Cement Co. authorized the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2022, during the ordinary general meeting (OGM) held on June 7.

They also appointed an auditor and set their fees to review financial statements for Q2, Q3 and 2021, as well as Q1 2023, according to a bourse filing.

Shareholders endorsed the appointment of Faisal Hamad Al-Suqair as Audit Committee Chairman, for a period starting from Jan. 30, 2022, to the end of the current term on March 15, 2023.

In addition, shareholders approved the board and auditor's reports and consolidated financial statements for 2021.

They also approved the business and contracts to be concluded between the company and the SAPAC Co., in which Chairman Sulaiman Saleem Al Harbi has an indirect interest, which is the sale of cement to SAPAC next year. The volume of transactions is expected to reach SAR 6 million.