2016-03-27 (1437-06-18 ) 08:00:46
Saudi Cement Company announces the results of the 57th ordinary general assembly meeting of its shareholders, held at the Sheraton Hotel Dammam on Thursday 24 March 2016 (15/06/1437) after achieving the required quorum. The results of the vote on the Agenda of the General Assembly are as follows:
1-Approval of the Board of Directors’ report for the financial year 2015.
2-Approval of the financial statements for the financial year ended 31/12/2015.
3-Approval of the Auditors Report for the financial year ended 31/12/2015.
4-Approval for the appointment of Audit Committee nominee – M/S Ernst and Young as the Company external auditor for the financial year 2016, review of the Company quarterly interim financial statements and determination of their fees.
5-Approval of releasing the Board of Directors from responsibilities with respect to the management of the Company for fiscal year end 31/12/2015.
6-Approval for distribution of cash dividends to shareholders for the second half of year 2015 at the rate of SR 3 per share, representing 30% of the share capital. This is in addition to what has been distributed as cash dividends to shareholders based on the Board decision for the first half of year 2015 at the rate of SR 3 per share, representing 30% of the share capital. Hence, the total cash dividends distribution for the year ended 31-12-2015 will be SR 6 per share representing 60% of the share capital. Entitlement to interim dividends for the Second half of year 2015 shall be to shareholders on the registers of the Securities Depository Center (Tadawul) at the close of trading on the day of this general assembly meeting. The distribution of the dividends shall commence on 31/03/2016 (22/06/1437) through Riyad Bank by direct transfer to bank accounts linked to investment portfolios of stockholders with portfolios, and by cash payment to stockholders without investment portfolios at the counter of any Riyad Bank branch on presentation of their national ID card.
7-Approval for disbursement in the amount of SAR 2,200,000 (Two Million Two Hundred Thousand Saudi Riyals) as directors remuneration for the year 2015 at the rate of SAR 200,000 per director.
8-Approval of the Board recommendation to transfer the remaining balance of the voluntary reserves (unappropriated) with total amount of SR 20 Million (Twenty Million Saudi Riyals) to the Retained Earnings.
9-Approval of the Board decision to appoint Ms Halla Walid Al-Juffali as new member ( Independent Director) of the Board to substitute the resigned member, Dr. Waleed Al-Juffali for the remainder of the current Board Term.