Yamama Cement shareholders to vote on halting profit transfer to statutory reserve

Yamama Cement Co.’s shareholders will vote on March 19 on suspending transfer of 10 percent from the company’s net profit to statutory reserve, which currently stands above 30 percent of paid-in capital.

The general assembly will also vote on the board and auditor’s reports as well as financial statements for the fiscal year 2017, Yamama said in a bourse statement on Tuesday.

A new board of directors will be elected for the next three-year term starting March 29.

Shareholders will also vote on the company contracts and the audit committee composition, the statement added.