SPIMACO shareholders to vote on 6% cash dividend for 2021 on June 8

Saudi Pharmaceutical Industries & Medical Appliances Corp.’s (SPIMACO) shareholders will vote on the board of directors’ recommendation to distribute a 6% cash dividend, or SAR 0.6 a share, for 2021, during the ordinary general assembly meeting (OGM) to be held on June 8.

In a statement to Tadawul, SPIMACO said the shareholders will also vote to authorize the board to distribute interim dividends for 2022 on a quarterly or semi-annual basis, along with determining the due date and disbursement, in line with the company's financial position, cash flows, expansion and investment plans.

The meeting agenda also includes voting on board and auditor reports for 2021, along with the financial statements for the same year.

The shareholders will also vote on the business and contracts that will be concluded between the SPIMACO and Arab Company for Drug Industries and Medical Appliances (ACDIMA), in which board members Adel Kareem Ahmed and Mohammed Khalil Mohammed have an indirect interest.

Adel Ahmed is the Chairman of ACDIMA and Mohammed Khalil is the Director General.

The business and contracts are represented in a share purchase agreement between SPIMACO and ACDIMA, for the purchase of shares owned by ACDIMA in CAD Middle East Pharmaceutical Industries for SAR 10.53 million, without preferential terms.

The shareholders will also vote on paying an SAR 4.65 million as remuneration to board and committees members for 2021.