Riyadh – Mubasher: The extraordinary general meeting (EGM) of Buruj Cooperative Insurance Co will meet on 22 May to discuss the dividends distribution for 2016.

The company would distribute dividends of SAR 0.50 per share, totalling SAR 12.5 million and representing 5% of capital, according to a bourse filing on Thursday.

Shareholders of record on 22 May and who are registered with the Securities Depository Center (Depository Center) at the end of trades on the meeting’s following day on 24 April will be entitled to receive dividends.

The distribution will be during 15 days from the eligibility date after obtaining the approval of the general assembly, the statement said.

The EGM will also discuss the board’s and auditors’ reports for the period ended on 31 December 2016, in addition to amending the company’s bylaws to be in line with the New Companies Law.

Net profit for the twelve months of 2016 surged 174% to SAR 90.97 million from SAR 33.19 million in 2015.