GIG BOD recommends distribution of SAR 25 million cash dividend for 2022

The Board of Directors of Gulf Insurance Group (GIG) has recommended the distribution of dividends to the shareholders for the fiscal year ended on Dec. 31st, 2022, with a total amount of SAR 25 million; dividend per share amounted to SAR 0.5, with a percentage of dividend to the share par value 5 %.

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 2023 and will be announced at a later date after obtaining the necessary approvals from the relevant authorities

The company stated 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 and relevant authorities.

The Company would also like 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.