RIYADH: Saudi Research and Marketing Group’s (SRMG) general assembly has decided to distribute SR160 million, which is 20 percent of its capital, as dividend for 2008 among its shareholders, an official statement said yesterday.
“Shareholders, who registered with Tadawul by the end of Wednesday, March 25, will receive two riyals per share,” the statement said.
The general assembly also elected the company’s new board of directors for a three-year term that begins May 1. Prince Faisal bin Salman was re-elected chairman of the group at the first meeting of the new board on Wednesday.
The other board members are Suleiman Al-Humaid, Mohammed Al-Kharashi, Mohammed Al-Amoudi, Abdullah Bahamdan, Abdullah Kamel, Mohammed Al-Eisai, Mohammed Abu Nayyan, Abdul Rahman Al-Ruwaitie, Azzam Al-Dakhil, Suleiman Al-Hudaithi and Saleh Al-Jasser.
The general assembly approved the board’s report for 2008, its audit report and unified financial lists for the fiscal year ending Dec. 31, 2008.
It also approved bylaws of the review committee as well as the nomination and remuneration committees. It also acquitted members of the previous board from any claims.
The meeting approved the appointment of Deloitte & Touche Bakr Abu Al-Khair & Co. as SRMG’s auditors for the year 2009 and first quarter financial statement. It was also announced that the dividend would be distributed through SABB (Saudi British Bank) from April 15.
Shareholders holding investment portfolios in SABB or in other Saudi banks will have dividends deposited in their accounts in those banks. Those who do not have accounts at local banks can approach SABB to get their dividends.
SRMG also urged shareholders to update their bank data to deposit their dividends in their current accounts.
The board meeting at the company’s headquarters also set up four subsidiary panels — an executive committee, a review committee, a reward and nomination committee and an investment committee.