Najran Cement shareholders to vote on 7.5% dividend for H2 2020 on March 31

Najran Cement Co.’s shareholders are set to vote on the board's recommendation on distributing a 7.5% cash dividend, or SAR 0.75 per share, for H2 2020, during the ordinary general assembly meeting (OGM) to be held on March 31, 2021.

The meeting agenda also includes voting to authorize the board to distribute interim dividends to shareholders on semi-annual or quarterly basis for 2021, and to determine the maturity and disbursement date as per the rules and regulations of the Company Law, in line with Najran Cement’s financial position, cash flows, expansion and investment plans.

Shareholders will also vote on disbursing SAR 2.9 million as remuneration for board members, at SAR 300,000 for each member, along with an additional remuneration of SAR 200,000 for the chairman, for 2020.

The meeting will also vote on the business and contracts that will be concluded between Najran Cement and AMAK Mining Co. –in which chairman Mohammed Aballala and board member Ayman Shibl have a direct interest.

The businesses and contracts are for the sale of 5,000 tons of bulk cement worth SAR 1.2 million, as per customer’s need with same conditions and prices that Najran Cement follows with its other customers.

Shareholders will decide on the business and contracts to be concluded between Najran Cement and Yaal Arabya Company for Industry, Commerce and Contracting Ltd. – in which board member Ali Hussein Bin Borman Al Yami has direct interest. These businesses and contracts are for sale of 30,000 tons bulk cement worth SAR 7.2 million, as per customer need with same conditions and prices that the company follows with its other customers.