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Alujain ousts board members, approves dividends

Alujain ousts board members, approves dividends
The Saudi corporation’s profits grew 5.96% to reach SAR 112.73 million in 2016
ALUJAIN
2170
-0.66% 37.55 -0.25

Riyadh – Mubasher: The extraordinary general meeting (EGM) of Alujain Corporation on Wednesday dismissed the board members without acquittal and approved distributing cash dividends for 2016.

The board members’ dismissal came after some shareholders, collectively owning 5.03% of the capital, requested a vote on the matter, in addition to electing new members for the coming three years, according to a filing to the Saudi Stock Exchange (Tadawul).

The EGM approved distributing SAR 1 per share as cash dividends, equivalent to 10% of the capital.

Shareholders registered by the end of the last trading day in 2016 will be entitled to the dividends, which will be distributed within 15 days from the date of approval.

They also approved the auditors’ report and financial statement, but did not approve of the board’s report and the amendment of the company's articles of association.

The Saudi corporation’s profits grew 5.96% to reach SAR 112.73 million in 2016, compared to SAR 106.39 million in 2015.

By 11:28 am KSA time, Alujain’s stock stood at SAR 25.50, up 2.20%.