Electrical Industries GA approves transfer of SAR 62.1 million statutory reserve balance

Electrical Industries Company disclosed the outcomes of its extraordinary general assembly meeting (first meeting), highlighting the approval granted to empower the Board of Directors to distribute interim dividends on a semi- or quarterly basis throughout 2024. Additionally, the assembly endorsed the transfer of the statutory reserve balance of SAR 62.1 million, as indicated in the financial statements for the fiscal year ending December 31, 2023, to the retained earnings account.

Furthermore, the assembly greenlit the business agreements and contracts executed between the company and other entities. Notably, it sanctioned the involvement of Yousef Ali ALQuraishi, Chairman of the Board of Directors, and Faisal Saleh ALQuraishi, Member of the Board of Directors, in ventures that compete with the company’s operations.