Yamama Cement to discontinue profit transfer to statutory reserve

Yamama Cement Co.’s shareholders approved on Monday 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 also approved the board and auditor’s reports, as well as financial statements for fiscal year 2017, Yamama said in a bourse statement on Tuesday.

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

The new board includes Turki bin Mohamed bin Abdulaziz, Sultan Al Kabeer, Khaled bin Mohammad, Naif Al Kabeer, Faisal al Rajhi, Fahd Al Thiyniyan, Ibrahim Al Muhnna, Abdullah Al Bahouth, Hisham Al Askar, Mustafa Al Sahn and Jehad Al Rasheed.

Shareholders also approved the company contracts and the audit committee composition, the statement added.