Saudi Steel Pipe's shareholders to vote on dividend freeze for 2021 on May 24

Saudi Steel Pipe Co.'s shareholders will vote on withholding dividend for 2021, during the ordinary general assembly meeting, scheduled for May 24, according to a bourse filing.

The recommended dividend freeze comes on the back of accumulated losses as of Dec. 31, 2021.

The steel pipes manufacturer earlier posted a SAR 900,000 profit for 2021, against a SAR 34.5 million loss a year earlier.

Shareholders will also vote on appointing an auditor for Q2, Q3, Q4, FY2021 and Q1 2023 financial statements.