SAFCO shareholders to vote on H2 dividends on March 19

Saudi Arabian Fertilizer Co. (SAFCO) shareholders will discuss on March 19, 2018, the board’s recommendation on paying a 10 percent cash dividend for the second half of 2017, at SAR 1 per share, amounting to SAR 416.67 million, the firm said in a bourse statement.

The shareholders will also seek to approve H1 2017 cash dividend paid at SAR 0.75 per share, or 7.5 percent of the stock’s par value, totaling SAR 312.5 million.

The agenda of the meeting also includes authorizing the board of directors to pay interim dividends for FY18 and approving board bonuses at SAR 1.4 million for FY17.

Shareholders will approve the board of directors’ report, an audit report and all financial statements for 2017.

They will also discharge board members from liability associated with their activities in 2017, and select an external auditor for 2018 and Q1 2019.