Riyadh - Mubasher: The extraordinary general meeting (EGM) of Al Yamamah Steel Industries Company approved the distribution of cash dividends to the shareholders for 2016.

Dividends will be distributed at SAR 2.75 per share or 27.5% of the nominal value, with a total amount of SAR 139.7 million, according to a bourse filing on Monday.

The EGM agreed on distributing dividends for the first half of 2016 at SAR 1.5 per share or 15% of the par value, with a total amount of SAR 76.2 million, adding SAR 1.25 per share dividends or 12.5% of the face value with a total amount of SAR 63.5 million for the second half.

The meeting also approved the annual financial statements for the period which ended on 30 September 2016, and elected board members for the new session starting on 26 June, which will last for three years, the statement said.

Moreover, the EGM gave a nod to amending the company's bylaws regarding the firm's shares.