Riyadh – Mubasher: The extraordinary general meeting (EGM) of Halwani Bros Co approved the distribution of cash dividends to shareholders for 2016.

The company will distribute dividends at SAR 2.5 per share, totalling SAR 71.4 million and representing 25% of the par value, according to a bourse filing on Monday.

Dividends will be directly deposited in the current accounts connected to the investment portfolios of the company in any of the local banks in Saudi Arabia starting from 24 April.

The EGM also agreed on the board and auditor's report for the year ended on 31 December 2016, in addition to amending the company’s bylaws to be in line with the New Companies Law.

Halwani also saw a decline in net profits by 54.8% to SAR 52.03 million in 2016 compared to SAR 115.11 million in 2015.