City Cement shareholders OK dividend freeze for H2 2024

One of the city's cement production lines

City Cement Co.’s shareholders approved the board of directors’ recommendation to withhold dividends for H2 2024, during the ordinary general meeting (OGM) held on June 16.

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The company said that the shareholders also approved authorizing the board to distribute interim dividends on a semi-annual or quarterly basis for 2025, according to a statement to Tadawul.

Shareholders also elected board members for the upcoming four-year term ending June 18, 2029.

The elected members are Badr AlAbdullatif, Fahad AlAbdullatif, Saleh AlShabnan, Majid AlOsailan, Muhammad AlZaim, Muhammad AlRajhi, and Muhammad AlSuraiyea.

According to data available with Argaam, City Cement’s board of directors recommended to withhold dividends for H2 2024.

The decision aims to support its financial position until the completion of the acquisition deal with Umm Al-Qura Cement Co. (UACC).

City Cement last paid a dividend for H1 2024 at 5%, or SAR 0.5 per share.