Riyadh – Mubasher: The extraordinary general meeting (EGM) of Al Gassim Investment Holding Company (GACO) approved not to distribute dividends for fiscal year (FY) 2019, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

In March 2020, GACO’s board decided not to pay dividends for FY19 as the company did not achieve profits in 2019. The board also opted not to continue with the planned capital hike through a rights issue.

GACO reported an increase in annual net losses by around 90% to SAR 16.65 million in 2019, compared with SAR 7.7 million losses during 2018.