Addendum Announcement from TAM Development Co. in regarding the announcement of the distribution of cash dividends of shareholders for the Fiscal year 2023
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement of Tam Development Company on the Tadawul website on March 27, 2024 regarding the Board of Directors’ recommendation to distribute cash dividends to shareholders for the fiscal year ending on December 31, 2023 AD, which was approved by the extraordinary general assembly on June 11, 2023 AD, the results of whose meeting were announced on Tadawul website on June 12, 2024 AD |
| Date of Posting the Previous Announcement of Development on Saudi Exchange’s Website | 2024-03-27 Corresponding to 1445-09-17 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | Based on the General Assembly’s approval of the Board of Directors’ recommendation to distribute cash dividends in the amount of (4,051,620 riyals) only, amounting to four million and fifty-one thousand, six hundred and twenty Saudi riyals, to shareholders for the financial year ending on (12/31/2023 AD) at the rate of (1.23 riyals). (One Saudi riyal and twenty-three halalas) for each share, at a rate of (12.3%) of the nominal value of the share, provided that the eligibility is for shareholders who own shares at the end of trading on the day of the General Assembly and who are registered in the company’s shareholder register with the Securities Depository Center Company (Depository Center) at the end of trading on the day of the General Assembly. The second trading day following the maturity date.
The Board of Directors decided unanimously, following the end of the General Assembly, that the date of dividend distribution would be through automatic deposit in the investment accounts linked to the shareholders’ portfolios at all banks, starting on Thursday 12/21/1445 AH corresponding to 06/27/2024 AD.
Noting to the shareholders the need to update their data and ensure that bank account numbers are linked to the investment portfolios to ensure that their profits reach them without delay. It should also be noted to non-resident foreign investors that the cash distributions that are transferred through the resident financial intermediary are subject, upon transfer or when credited to his account, to a withholding tax of 5% in accordance with the provisions of Article (68) of the tax system and Article (63) of its regulations. Executive |
| Financial Impact on the change | n/a |
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