NGDC Approves SAR 2.5 Million Cash Dividend Distribution for 2023

The Natural Gas Distribution Company (NGDC) announced on Monday the results of its Ordinary General Assembly meeting (first meeting), held on Sunday. Key items included the approval of the Board of Directors’ recommendation to distribute cash dividends to shareholders for the year 2023, amounting to SAR 2,500,000, at SAR 0.50 per share, representing 5% of the company’s capital of SAR 50,000,000. Eligibility for dividends is granted to shareholders who own shares at the end of trading on the day of the General Assembly and are registered in the company’s shareholder registry with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the entitlement date. The dividends are scheduled to be distributed on July 16, 2024.

The rest of the voting Results on the Items of the General Assembly’s Meeting Agenda’s

– The Board of Directors’ report for the financial year ending December 31, 2023 was reviewed and discussed.

 -The financial statements for the fiscal year ending December 31, 2023 were reviewed and discussed.

– Approval of the company’s auditor’s report for the financial year ending on December 31, 2023 AD after discussing it.

– Approval of amending the company’s bylaws to comply with the new companies’ bylaws, and rearranging the bylaws’ articles and numbering them to be compatible with the proposed amendments.

– Approval of amending Article (17) of the company’s bylaws, related to (company management).

– Approval of the appointment of the United Accountants Company (R Name M) from among the candidates based on the recommendation of the Audit Committee; This is to examine, review and audit the semi-annual financial statements and the annual financial statements for the fiscal year 2024 AD, and determine his fees, which are estimated at (150,000) Saudi riyals.

– Approval to release the members of the Board of Directors from their liabilities for the fiscal year 2023.