Al Yamamah Steel approves withholding dividend for fiscal year ended September 2019

Al Yamamah Steel Industries Co.’s shareholders approved, on March 18, a board recommendation to withhold cash dividend for the fiscal year ended Sept. 30, 2019, the company said in a bourse statement.

Shareholders also elected, during the general assembly meeting, members of the board of directors for the upcoming three-year term starting on June 26, 2020.

The new board includes Saad Ibrahim Al Moajil, Raed Ibrahaim Suleiman Al Mudieheem, Muhanna Abdullah Al-Muhanna, Khalid A. Al-Shami, Abdulhamid Abdulaziz Mohamed AlOahly, Adnan A. Al-Mansour and Fouad Chraibi.

Meanwhile, the general assembly delegated the company’s board to distribute cash dividend for FY2020 on a quarterly or semi-annual basis and formed the board’s audit committee.