Chubb Arabia shareholders reject 5% dividend recommendation for FY2019

Chubb Arabia Cooperative Insurance Co.’s shareholders disapproved the board recommendation to distribute 5% cash dividend for the fiscal year 2019, during the extraordinary general assembly meeting held on May 13, the company said in a bourse statement.

Shareholders, however, approved related party transactions and board remuneration of SAR 3.35 million for FY2019.

In March, the insurer’s board of directors recommended a 5% cash dividend for the fiscal year 2019, at SAR 0.5 per share, amounting to SAR 10 million, according to data compiled by Argaam.