Al Yamamah Steel Industries Co.'s board of directors recommended withholding dividend for the first six months of fiscal year ending Sept. 30, 2019, the company said in a bourse statement.
The dividend freeze proposal, which is subject to the approval of the company's general meeting, came in line with the company's capital expansions strategy related to the renewable energy projects.
Al Yamamah launched commercial operations at Al Yamamah Solar Power Systems plant, and already signed a contract with Spain’s Europea de Construcciones Metalicas S.A. to supply solar steel structures to Dubai Solar Park Project - Phase IV.
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