SARCO shareholders to vote on 5% dividend Apr. 24

Saudi Arabia Refineries Co.’s (SARCO) shareholders will vote on the board of directors’ recommendation to distribute a 5 percent cash dividend (SAR 0.50 per share) for the fiscal year 2017 in the upcoming general assembly meeting on Apr. 24.

The proposed dividend will total SAR 7.5 million, the company said in a bourse statement on Thursday.

Registered shareholders at the Securities Depository Center Co. (Edaa) by the end of the second trading day following the meeting are eligible to receive the dividend.

The company’s financial statements, as well as board and auditor’s reports for the fiscal year 2017 will be also discussed.

Additionally, shareholders will vote on electing board members for the next three-year term, appoint external auditors, and discharge board members from liabilities for the previous fiscal year, the statement added.