Riyadh – Mubasher: The extraordinary general meeting (EGM) of Methanol Chemicals Company (Chemanol) on Monday approved to not distribute cash dividends for 2017.

The company aims to support its financial position and enhance its strategic plans, according to a filing to the Saudi Stock Exchange (Tadawul).

Shareholders also approved the board’s and auditors’ reports and financial statements for FY16.

The EGM approved amending the company’s statute in line with the New Companies Law.

Chemanol had previously reported a 19.35% decrease in its losses to reach SAR 112.84 million in 2016, compared to SAR 140 million in 2015.

The second generation petrochemical firm’s stock closed at SAR 6.66 on Monday after adding 0.6%.