Dur approves 4.5% dividend for H2-2016

Dur Hospitality Co.’s extraordinary general assembly approved a 4.5 percent cash dividend (SAR 0.45 per share) for the second half of 2016, the company said in a statement to Tadawul on Sunday.

Shareholders of record on the general meeting date are entitled to receive the dividend.

Dur also approved the board’s recommendation to amend the articles of incorporation, as it will no longer set aside 5 percent of its net profit to fund its statutory reserve.

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

A board remuneration of SAR 1.8 billion was also endorsed for 2016.