Saudi Public Transport Co.’s (SAPTCO) shareholders are set to vote on withholding dividend for the fiscal year 2019 during the ordinary general meeting (OGM) that will be held on April 27, 2020.
They will also vote on businesses and contracts concluded between SAPTCO and its 50% owned subsidiary, Saudi Emirates Integrated Transportation Co. (SETCO).
The contracts include a technical and services agreement worth SAR 3.4 million, selling 350 used buses worth SAR 32 million and providing a SAR 10 million interest-free loan to SETCO to meet its operational commitments.
According to data compiled by Argaam, SAPTCO’s board recommended withholding cash dividend for FY 2019 in a move to support the company’s financial position and boost liquidity amid the spread of coronavirus (COVID-19).
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