Riyadh – Mubasher: The extraordinary general meeting (EGM) of Al Babtain Power and Telecommunication on Sunday approved distributing SAR 1 per share as cash dividends for the fourth quarter of 2016, according to a bourse filing.

The EGM has also decided to stop retaining 10% of the company’s net profits for the statutory reserve as it reached 30% of the paid up capital.

Shareholders also approved the board's and auditors’ reports for 2016, in addition to the absolving the board of directors for that period.

Al Babtain had previously posted a 6.5% decrease in net profit to SAR 35.9 million during the fourth quarter of 2016, compared to SAR 38.4 million for the same quarter the year before.