ALDREES Board recommends distributing SAR 75 mln in cash dividends for 2023

Aldrees Petroleum and Transport Services Co. (ALDREES) announced on Sunday the Board’s resolution to increase the capital by distributing 75 million riyals in cash dividends to shareholders for the year 2023, equivalent to 10% of the nominal value of the share.

The number of shares entitled to dividends reached 75 million shares, at one riyal per share, and the eligibility of the dividends for the Company’s shareholders who own shares at the end of the day in which the Company’s General Assembly is convened and who are registered in the Company’s records at the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the General Assembly which will be announced at a later date.

The company would like to draw the attention of the non-resident foreign investors that the cash dividend distribution which is transferred by the resident financial broker is subject to (when transferred or credited to the bank account) withholding tax of 5%, in accordance with the provisions of article (68) of the income tax law, and article (63) of its implementing regulation.