SRMG approves SR 80 m dividend

Saudi Research & Marketing Group (SRMG) held its annual Ordinary General Assembly at the group’s headquarters on Sunday.
Items on the agenda approved by the assembly are as follows:
1. The approval of the Board of Directors report for 2012.
2. The approval of the external auditors report for the company as well as its consolidated financial statements for the year ended on Dec. 31, 2012.
3. The approval of the distribution of dividends equal to SR 80 million for 2012, equivalent of 10 percent of the paid up capital which is equal to SR 1 per share to shareholders registered with the Securities Depository Center (Tadawul) by the end of the trading on March 17, 2013.
4. Discharge of the board members from their actions for the financial year ended Dec. 31, 2012.
Approval of the remunerations of the board members for the year 2012 with a total of SR 2.4 million (SR 200,000 for each board member).
The assembly endorsed the appointment of Prince Turki bin Salman in the membership of the Board of Directors for the remaining period of its current session, which ends in April 30, 2015.
5. Approval for the appointment of PriceWaterhouseCoopers to audit the financial statements of the company for 2013 and quarterly financial statements and determine their fees.
The distribution of the dividends will be done through Saudi British Bank (SABB) at all its branches, starting Monday, April 8, 2013, as follows:
First: The shareholders who own investment portfolios, whether through SABB, or any of the other banks operating in the Kingdom of Saudi Arabia, dividends will be deposited in their current accounts associated with their investment portfolios according to the data registered with Tadawul.
Second: The shareholders whose account details are not with the local banks, they can go to the nearest SABB branch and receive cash upon the presentation of the valid identification.
SRMG management also requests shareholders who have not updated their information to do so via Tadawul or any of the local banks thus enabling the SRMG to pay through SABB their dividends in their current account.
In the case of a shareholder’s desire to obtain a copy of the minutes of the meeting of the assembly, please contact the group.