Alwasail Industrial Approves Recommendation to Distribute 5% Cash Dividends for H1 2024

Industrial Means Co. announced on Wednesday the results of the 9th Extraordinary General Assembly (First Meeting) on Tuesday, where the items included approval of the Board of Directors’ recommendation to distribute cash dividends of SAR 12.5 million to shareholders for the financial period ending June 30, 2024, at SAR 0.05 per share, representing 5% of the nominal value of the share. The eligibility is for shareholders who own shares at the close of trading on the day of the General Assembly and are registered in the shareholders’ register with the Securities Depository Centre (Edaa) at the end of the second trading day following the due date.

The rest of the items of the Assembly’s results were as follows:

– Approval of amending Article (16) of the Company’s Bylaws, related to (the formation of the Board of Directors).

– Approval of amending the Audit Committee Regulations.

– Approval of the Remuneration and Nominations Committee Regulations.

– Approval of the Board of Directors’ membership policies, standards and procedures.

– Approval of the Governance Regulations.

– Approval of the Board of Directors’ Work Regulations.

– Approval of the policy for regulating conflict of interest and competition standards.

– Approval of the policy for regulating relations with stakeholders.

– Approval of the policy for competition controls and standards.

Alwasail Industrial Co. announced that profits for the first half of 2024 will be distributed at SAR 0.05 per share, representing 5% of the nominal value, with a total of SAR 12.5 million, starting on Thursday, October 03, via direct transfer to the bank accounts linked to shareholders’ investment portfolios.

This follows the Company’s announcement on August 26, 2024 regarding the distribution of cash dividends to shareholders for the first half of 2024 (six months) at SAR 0.05 per share, representing 5% of the nominal value, with a total of SAR 12.5 million.