Savola to distribute SR 250 m Q4 dividends

The Savola Group at its recent Extraordinary Shareholders' General Assembly Meeting (EGM) in Jeddah unanimously approved all the items in its agenda.
The meeting began with the discussion and approval of the final (audited) accounts and auditors' report and discussion, and approval of the board of director's annual report for the year ended Dec. 31, 2012.
The assembly also approved the board of directors' recommendation to distribute cash dividends for the fourth quarter of 2012 amounting to SR 250 million, in addition to the ratification of the total dividends already distributed to the shareholders for the first three quarters of 2012 that amounted to SR 450 million making the total cash dividends (paid and to be paid) to reach SR 700 million.
The maturity date for the fourth-quarter 2012 cash dividends will be distributed to shareholders registered in the company books at the close of trading on the date of the General Assembly Meeting (March 16).
It was agreed that the company will start distributing Q4 dividends on March 30.
During the EGM, the board of directors was absolved from any liability pertaining to the management of the company for the year ended Dec. 31, 2012 and payment of their remuneration for the fiscal year 2012 with an amount of SR 2.2 million, that is SR 200,000 for each director, was approved by the EGM.
The EGM approved the board's recommendation of the Audit Committee to reappoint Price Waterhouse Coopers (PWC) as the group's external auditor as well as the ratification of related parties transactions and contracts that were executed with related parties during 2012.
The EGM approved the board's recommendation to amend item K of Article 3 (the company's objectives) in the company's articles of association, by adding the word "sell" to be read as follows: "To purchase and sell land, real estate and factories required for the realization of the company's objectives."
The EGM elected the board of directors for the new office term, to commence from July 1, for a period of three years comprising 11 members according to the company's Articles of Association.
The following names have been selected (unanimously) from 14 candidates.
They are Suliaman A. Al-Muhaidib, Abdulraouf M. Mannaa, Abdullah M. Rihaimi, Mohammed Abdulgadir Alfadl, Ibrahim M. Alissa, Fahad A. Al-Qassim, Abdulaziz Khalid Al-Ghufaily, Issam Abdulgader Al-Muhaidib, Badr Abdullah Al-Issa, Abdulkareem Asaad Aboulnasr, and Ameen M. Shaker.