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Savola Group approves FY19 dividends; buys back 700K shares

Savola Group approves FY19 dividends; buys back 700K shares
The distributions will be paid to shareholders on 20 May
Default Company
2050.B
6.03% 37.80 2.15

Riyadh – Mubasher: The extraordinary general meeting (EGM) of Savola Group has approved the propose dividend distribution of SAR 160.2 million or SAR 0.3 per share for fiscal year (FY) 2019.

The dividends will be distributed to the equity holders on the EGM date, and those registered in the company’s share registry at the Depository Center at the end of the second trading day following the maturity date, according to a bourse statement on Thursday.

The cash dividends will be paid to shareholders on 20 May through bank transfers. 

Furthermore, the EGM consented to grant a remuneration of SAR 2.15 million to board members for 2019.

It also approved the share buy-back of 700,000 ordinary shares to retain them as treasury shares under the Employees Long Term Incentive Program (LTIP) and authorised the board of directors to finalise the buy-back transaction within a maximum period of 12 months from the resolution date.

It is noteworthy that in 2019 the group reported SAR 475.6 million in net profit, versus losses of SAR 520.4 million for 2018.