AXA Insurance BOD Distributes SR50 mln Profits for 2021

The Board of Directors of AXA Cooperative Insurance Company has recommended, on 17.03.2022, the distribution of cash dividends to the shareholders for the 2021 fiscal year. The total amount distributed is SR50,000,000. The dividend per share is SR1. The percentage of dividend to the share par value (%) is 10 %.The dividend per share is SR1. The percentage of dividend to the share par value (%) is 10 %.

The company said in a statement that the number of shares eligible for dividends is 50,000,000 Shares and the dividend distribution date will be confirmed after the approval of the General Assembly.

It added that the eligibility of dividends shall be for the shareholders registered in the registers of the Securities Depository Center (Tadawul) on owning shares at the end of the day of the General Assembly meeting of the Company and who are registered in the shareholder’s Register of the Company in the Securities Depository Center (Edaa) at the close of the second trading day after the date of the General Assembly (GA) Meeting which approves the dividends. The GA will be held during 2022 and will be announced at a later date after obtaining the necessary approvals from the relevant authorities.

The company concluded that it wants also to draw its shareholders’ attention to the following regulation regarding the payment of dividends: For foreign non-resident investors the dividend paid by the Company is subject to a withholding tax of 5.0% upon transfer to the non-resident investor or credit to its account according to the provisions of Article 68 of the Saudi Arabia Income Tax Law and Article 63 of the Implementing Regulations of the Saudi Arabia Income Tax Law.