Riyadh - Mubasher: Filing and Packing Materials Manufacturing Company’s (FIPCO) board of directors told shareholders to attend the extraordinary general meeting (EGM) on 16 April to vote on the recommendation of distributing cash dividends of 50 halala per share for 2016.

The eligibility of profits concerns shareholders registered with the Securities Depository Center (Depository Center) at the end of the trading day of the EGM after approval, the company said in its statement on Wednesday to the Saudi Stock Exchange (Tadawul).

FIPCO clarified in its statement that the dividends payment will occur within 15 working days from the date of approval, in case of quorum.

The agenda of the EGM includes voting on the board and auditor’s financial report for the fiscal year ended on 31 December 2016, according to the statement.

The company achieved profits of SAR 11.9 million during fiscal year 2016, compared to SAR 13.2 million in FY15; a drop of 9.6%.

The company’s share on Wednesday retreated 1.6% to the price of SAR 33.72.