The board of directors of Al Yamamah Steel Industries Co. recommended on Jan. 22 withholding dividend for the second half of 2019, the company said in a bourse statement on Wednesday.
The dividend freeze proposal, which is subject to the approval of the company's general meeting, came as the steel producer did not make profits for the fiscal year ending Sep. 30, 2019.
It is worth mentioning that Al Yamamah Steel recommended withholding dividend for the first 6 months of the fiscal year ending Sept. 30, 2019 due to its expansion strategy.
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