SARCO recommends dividend freeze for 2016

13/03/2017 Argaam

Saudi Arabia Refineries Co.’s (SARCO) board of directors has recommended a dividend freeze for 2016, the company said in a statement Monday.

 

SARCO said that Saudi Industrial Investment Group (SIIG), in which the company owns a 3.38 percent stake, did not pay dividend in 2015. It also added that Arabian Salvonite Co., an associate company, reported weak financial statements that weighed on its overall finances.

 

The dividend freeze recommendation is pending approval of the company’s general assembly meeting.

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