Saudi Electricity approves 7% cash dividend for 2016

Saudi Electricity Co. (SEC) has approved the board’s recommendation on paying cash dividend at 7 percent of the capital, or SAR 0.70 a share, totaling SAR 547 million for the fiscal year 2016, the utility provider said in a statement to Saudi bourse, Tadawul.

Shareholders of record on the general meeting date are entitled to receive this dividend. The dividend payment date will be determined later.

Shareholders approved the board of directors’ report, audit report and all financial statements for 2016.

The decision came in a vote during the company’s extraordinary general meeting (EGM) on April 19.

Shareholders were also said to have discharged board members from liability associated with their activities in 2016, and selected an external auditor for 2017.

During the meeting, shareholders endorsed SAR 931,875 in board bonuses for 2016.