“Solutions” BOD recommends distributing 714 million riyals in cash dividends for 2023

The Arab Company for Internet and Communications Services (Solutions) announced the recommendation of the Board of Directors to distribute cash dividends to shareholders for the year 2023, with a total amount distributed of 714 million riyals, with the share of the distribution being 6.0 riyals, and a distribution ratio to the nominal share value of 60%.

The company said that the number of shares eligible for dividends is 119 million shares, indicating that the distribution date will be announced later.

Eligibility for dividends will be for shareholders who own shares at the end of the second trading day following the day of the company’s annual general assembly, which will be announced later.

It drew the attention of non-resident foreign investors to the fact that cash distributions transferred through a resident financial intermediary are subject, when transferred or credited to his account, to a 5% withholding tax in accordance with the provisions of Article (68) of the tax system and Article (63) of its executive regulations.

The company added that the distribution will be through direct transfer to bank accounts linked to shareholders’ investment portfolios. The company calls on all valued shareholders to update their data with the banks in which their accounts are held to ensure that their future due profits are deposited directly in their accounts.