Riyadh – Mubasher: The extraordinary general meeting (EGM) of the Arabian Shield Cooperative Insurance approved the distribution of cash dividends for 2016.

The company will distribute cash dividends for 2016, representing 20% of its capital and totalling SAR 40 million, according to a bourse filing on Sunday.

The eligibility of the dividends will be for the shareholders registered with the Securities Depository Center Company (the center) at the close of trading on the day of the meeting.

The EGM also agreed on amending the firm’s bylaws to be in line with the New Companies Law.

The company's paid-in capital amounts to SAR 200 million, with around 20 million issued shares at a par value of SAR 10 per share.

As for the twelve months of 2016, the company posted net profits of SAR 80.95 million, rising 96%, from SAR 41.29 million a year earlier.