Sunday, 20 July 2025

Riyadh Cement GA approves BOD recommendation to distribute SAR 90 mln cash dividends for 2Q

Riyadh Cement Co. announced the approval of the company’s Ordinary General Assembly, held at on Wednesday, May 3, 2023, on the Board of Directors recommendation to disburse cash dividends upon its shareholders for the 2nd quarter of 2022, in the amount of SAR (0.75) per share, equivalent to 7.5% of the par value, and a total of SAR 90 million, provided that the remuneration eligibility is for the actual shareholders on the day of the Assembly and who are registered in the company’s shareholders register at the “Edaa” Center at the end of the second trading day following the due date. The distribution date will be announced later.

The results of voting on the assembly’s agenda were as follows:

–              The Board of Directors’ report for the fiscal year ended on 31st December 2022, was reviewed and discussed.

اقرأ المزيد

–              Approval the company’s auditor report for the FY ending on December 31, 2022.

–              The Financial Statements for the fiscal year ended on 31 December 2022, was reviewed and discussed.

–              Approval of absolving the Board members from liabilities for their activities pertain to management of the Company for the FY ending on 31 December 2022.

–              Approval of the appointment of PWC audit firm; An auditor for the company’s accounts among the candidates based on the recommendation of the Audit Committee, in order to examine, review and audit the financial statements for the First, Second, third quarters and the Annual for the fiscal year 2023

–              Approval of the disbursement of SAR 2,1000,000 as remuneration to the Board of Directors for the FY ending on December 31, 2022.

–              Approve on the contracts and transactions concluded between the company and Al Rashed Cement Co., in which the Chairman Mr. Salah Al Rashed has a direct interest therein. It shall be noted that this transaction is in fact a Cement Sales. The said transaction for the previous year, 2022 was valued at SAR 103,450,831, taking into consideration that no preferential terms are applicable to this type of contracts.

–              Approval of delegating the Board of Directors to disburse interim dividends on a quarterly/semiannual basis for the FY 2023

–              Approve the remuneration and nomination charter approved the Board of Directors.

–              Approve the list of criteria for membership in the board of Directors approved by the board of Directors

–              Approve the remuneration policy of the Board of Directors, its committees and the executive management approved by the Board of Directors.

–              Approve the audit committee charter approved by the Board of Directors.

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