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Saudi Public Transport Co.’s (SAPTCO) shareholders approved utilizing SAR 22.06 million in statutory reserve, amounting to SAR 42.73 million, to offset accumulated losses equivalent to 1.76% of the capital.
Shareholders also approved transferring SAR 20.66 million in reserve to retained earnings, according to a bourse filing.
Shareholders also ratified the board’s recommendation to freeze dividend for 2020.
In February, SAPTCO's board of directors recommended withholding cash dividend for 2020 to boost liquidity and support the company’s financial position, Argaam reported.
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