Riyadh – Mubasher: Saudi Steel Pipe’s (SSP) shareholders recommended not to distribute cash dividends for the full-year 2018 during an ordinary general meeting (OGM) held on Tuesday, 7 May.

The company’s shareholders have approved transferring SAR 126.79 million from the share premium account to offset accumulated losses as of 31 December 2018, according to the firm’s filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

The OGM has also elected new board members for a three-year term starting from 7 June, along with approving remuneration worth SAR 2.58 million to the board members for the previous year. 

In the first quarter of 2019, SSP turned profitable after generating SAR 320,000.