Mayar shareholders approve SAR 1.6 mln transfer to retained earnings

Logo of Mayar Holding Co.

Mayar Holding Co.’s shareholders approved the transfer of SAR 1.58 million from statutory reserve balance to retained earnings as in the financial statement for the year ending on Dec. 31, 2022, during the extraordinary general meeting (EGM) held on July 30, according to a statement to Tadawul. 

They also approved halting setting aside any additional amounts for the statutory reserve, starting from financial statements for the period ending on Dec. 31, 2023. 

Shareholders also endorsed the board’s recommendation to withhold dividends for 2022. They, however, authorized the board to distribute interim dividends on a semi-annual or quarterly basis for 2023.