Sipchem EGM approves SAR 2.1B statutory reserve transfer to retained earnings

Sahara International Petrochemical Co. (Sipchem) headquarters

Sahara International Petrochemical Co.’s (Sipchem) shareholders approved transferring the statutory reserve of SAR 2.09 billion, as stated in the financial statements for 2023, to the retained earnings.

The shareholders made their decision during the extraordinary general meeting (EGM) held on May 21, according to a statement to Tadawul.

They also agreed to extend the maximum period for which the company can hold the 8.21 million treasury shares, previously approved by the EGM, for another 10 years, beginning on the approval date. After this period expires, the company will comply with the procedures stipulated in the applicable regulations.

The shareholders further approved authorizing the board to distribute interim dividends on a semi-annual or quarterly basis for 2024, the statement added.