Riyadh – Mubasher: The extraordinary general meeting (EGM) of United Wire Factories Co (Aslak) approved the distribution of cash dividends for the second half of 2016.

The company will distribute 6.5% of the nominal value at SAR 0.65 per share, totaling SAR 28.5 million, according to a bourse filing on Monday.

The distribution will start on 10 April to the shareholders of record until the close of trading on the EGM's day.

The EGM also agreed on mandating the board to distribute interim profits for the fiscal year 2017, the statement said.

The meeting also tackled the board and auditors reports for the fiscal year of 2016 and approved what was distributed for the first half of 2016.

As for the twelve months of 2016, the company achieved net profits of SAR 230.03 million, down by 0.37% from SAR 230.88 million in 2015.

Aslak posted SAR 11.3 million net profits in the fourth quarter of 2016, with a decrease of 6.61% year-on-year from SAR 12.1 million.