Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Arabia Refineries Company (SARCO) approved the freeze of dividends for fiscal year 2016.

The EGM also agreed on the board’s and auditors’ reports for 2016, in addition to amending the company’s bylaws to be in line with the New Companies Law, according to a bourse filing on Sunday.

SARCO turned to losses worth SAR 4.37 million in 2016 against SAR 12.9 million in profits in 2015.

Moreover, the meeting accepted the resignation of Mohammed Bin Turki Al Saud from the position of vice chairman to retain the position of the managing director of the company, as per the New Companies Law.

At the same meeting, the board gave a nod to the appointment of Saud Abdulaziz Al Sulaiman for the post of vice chairman from 23 April 2017 until the end of the current session on 30 April 2018, the statement said.