Sadr Logistics shareholders approve dropping 2021 dividends

06/06/2022 Argaam

Logo of Sadr Logistics Co.

Shareholders of Sadr Logistics Co. approved the board’s recommendation to not distribute cash dividends for 2021, during the ordinary general assembly meeting held on June 5.

 

The decision was taken to support the company’s financial position, expansions and future projects, Sadr said in a bourse statement. 

 

They also ratified disbursing SAR 499,288 as board remuneration for 2021.

 

Sadr Logistics’ board of directors recommended, on April 6, withholding cash dividends for 2021, to support and strengthen the company’s financial position and expansion for the upcoming years, Argaam reported.

 

In December, the company’s shareholders approved increasing capital from SAR 25 million to SAR 175 million through rights issue worth SAR 150 million, Argaam earlier reported.

 

The company distributed cash dividends to its shareholders at 5% of the capital (SAR 0.5 per share) for 2020.

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