SPIMACO shareholders OK dividend freeze for 2024

Logo of Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO)

Shareholders of Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) approved the board of directors’ recommendation to withhold cash dividends for 2024, during the ordinary general meeting (OGM) held on June 29, according to a statement to Tadawul.

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Shareholders further ratified contracts and transactions between SPIMACO and Al Rajhi Bank during 2024, in which board member Khalid Al-Kuwaiz has an indirect interest (he also serves on the board of Al Rajhi Bank).

These contracts include providing short-term financing facilities, each worth SAR 250 million, for a one-year term without preferential terms. In addition, there were some routine transactions through the current account.

SPIMACO’s board of directors recommended in March to withhold cash dividends in order to strengthen the company’s financial position and support liquidity, Argaam reported.