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Walaa Cooperative cancels 2019 dividends

Walaa Cooperative cancels 2019 dividends
The decision will support the company’s financial position
WALAA
8060
70.93% 29.40 12.20

Riyadh – Mubasher: The extraordinary general meeting (EGM) of Walaa Cooperative Insurance Company approved withholding dividends for fiscal year (FY) ending on 31 December 2019 during its meeting on Monday. 

The decision aims to strengthen the company’s financial position, according to a stock exchange statement on Tuesday.  

Shareholders further approved the external auditors' report for 2019 and discharged the Board of Directors from liability for last year.

In addition, the EGM agreed to appoint El Sayed El Ayouty & Partners, and Abdullah Mohammed Al Azem & Salman Bandar Al Sudairy Company, as the company's auditors for the second quarter (Q2) of 2020, Q3-20, FY 2020, and Q1-21.