Hail Cement shareholders approve amending bylaws

Hail Cement factory

Hail Cement Co.'s shareholders approved amending Article 3 related to the company’s purposes, during the extraordinary general meeting held on Feb. 17, 2021.

The cement producer said in a bourse filing that the shareholders also approved Article 49 related to dividends distribution.

According to data compiled by Argaam, the amendment to Article 3 includes the right to practice mining and exploitation of quarries, in addition to obtaining raw materials for the cement industry such as limestone, clay, gypsum, iron, kaolin, sand, silica, and other necessary materials.

It also includes the practice of transporting cement, raw materials and other necessary materials related to the cement industry.

The amendment to Article 49 includes the clause that the company might distribute interim dividends to its shareholders on a semi-annual or quarterly basis, in accordance with the regulations issued by the Capital Market Authority (CMA).