Riyadh – Mubasher: The extraordinary general meeting (EGM) of Filing and Packing Materials Manufacturing Company (FIPCO) approved the distribution of cash dividends for 2016.

The company will pay SAR 0.50 per share, representing 5% of the stock’s par value, and totalling SAR 5.75 million.

The Saudi-listed firm will start distributing the dividends on 21 May to the shareholders of record who are registered in the Depository Center Company at the end of the trading day following the EGM on 3 May.

Moreover, the meeting approved the board's and auditors’ reports for 2016, according to a bourse filing on Tuesday.

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