Al Hassan Ghazi Ibrahim Shaker, the authorized dealer and distributor for LG air conditioners in Saudi Arabia, said its board of directors on Sunday recommended withholding cash dividends for 2015.
The decision was made to “support the company’s financial position and future growth,” the company said in a statement to Tadawul.
Early in 2015, the company had distributed four bonus shares for each five stocks held by its shareholders.
An 80 percent capital hike decision followed in May 2015, raising the capital from SAR 350 million to SAR 630 million by capitalizing SAR 280 million of retained earnings account.
For fiscal year 2015, Al Hassan Shaker had reported a net profit of SAR 136.5 million.
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