Riyadh – Mubasher: The ordinary general meeting (OGM) of Electrical Industries Co (EIC) approved the distribution of dividends for 2016.

The company would distribute dividends at 9% of its capital, or SAR 0.90 per share, totalling SAR 40.5 million, according to a bourse filing.

The distribution will start as of 11 May through Al Rajhi Bank for shareholders registered with the Securities Depository Center (Depository Center) at the end of trades on the day after the meeting.

The EGM also agreed on the board’s and auditors’ reports for the period ended 31 December 2016, the statement added.

EIC reported a 28.4% decline in profits in the twelve months of 2016, posting SAR 50.36 million from SAR 70.36 million a year earlier.