AMAK BOD approves distributing cash dividends policy for the years 2023 and 2024

Almasane Alkobra Mining Company -AMAK- announced that the Board of Directors has approved the company’s dividend policy for the next two upcoming years 2023 and 2023 in their meeting held on 30.04.2023.

The dividend policy as approved by the board of directors remains subject to ratification in the next General Assembly Meeting which will be announced later. The objective of the dividend policy is to maintain a minimum level of dividend per share on semi-annual basis.

The dividend policy is as follows:

1-            Distributing all profits achieved during the years 2023 and 2024 as cash dividends to shareholders. The Company will consider paying additional distributions, the additional distributions are subject to the recommendation from the Board of Directors to the general assembly, and after evaluating the Company’s financial position, future prospects, and the Company’s capital expenditure requirements. The additional dividend is likely to vary from half year to the next based on the Company’s performance.

2-            Dividend distribution on a semi-annual basis will be after authorizing the Board of Directors by the General Assembly.

Noting the dividends policy will remain subject to change based on the following:

1- Any material changes in the strategy and business of the Company (including the business environment it operates in)

2- Laws and regulations that are applicable on the Company; and

3- Any banking, other funding, or credit rating covenants that the Company may be bound to follow from time to time.