Saudi Company for Hardware’s (SACO) shareholders have approved the board and auditor's reports, as well as financial statements for fiscal year 2018, the firm said in a bourse statement.
They approved appointing Deloitte as the external auditor for 2019 quarterly and annual financial statements, as well as Q1 2020.
They also approved to pay a 10 percent cash dividend at SAR 1 per share for the second half of 2018, as well as the previously approved 10 percent dividend for H1.
The shareholders authorized the board of directors to distribute quarterly or semi-annual dividends for fiscal year 2019 according to the firm’s financial situation.
The general assembly approved the deals and contracts signed with Abdullah Taha Bakhsh Co. and Sons, the owners of Abrar International Holding Co., one of SACO’s major shareholders, as board members Talal M. Baksh and Hany A. Al-Shoaier are related parties.
Shareholders also approved board members’ remuneration of SAR 1.8 million for 2018.
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Dividend Details (H2 2018) |
|
|
Current Capital |
SAR 360 mln |
|
Number of shares |
36 mln |
|
Dividend |
SAR 36 mln |
|
Percentage of capital |
10% (SAR 1 per share) |
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Record date |
April 3, 2019 |
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Payment date |
April 17, 2019 |
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Dividend for FY 2018 |
|
|
Total dividend |
SAR 60 mln |
|
Percentage of capital |
16.7% (SAR 1.67/share) |
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