With reference to Savola Group (‘Savola’) Dividends Policy, and in relation to the Board of Directors’ recommendation to issue rights to strengthen the financial position and to enable the distribution of Savola’s entire stake in Almarai Company to Savola’s shareholders, accordingly, Savola announces the decision of the Board of Directors not to distribute cash dividends for the year 2023.
Date of the board’s decision
2024-02-06 Corresponding to 1445-07-25
Reasons for Not Recommending Distribution
The reason not to distribute cash dividends for the year 2023 is due to the recommendation to distribute the Savola’s entire 34.52% shareholding in Almarai to Savola’s shareholders after securing the necessary approvals from regulatory authorities and the Shareholders General Assembly as per the company announcement in Tadawul dated 7/2/2024.
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