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The Savola Group announces the Board of Directors decision not to distribute dividends for the year 2023
2050
SAVOLA GROUP
-2.13
%
1445/07/26 07/02/2024 08:12:52
| Element List | Explanation |
|---|---|
| Introduction | With reference to Savola Group (‘Savola’) Dividends Policy, and in relation to the Board of Directors’ recommendation to issue rights to strengthen the financial position and to enable the distribution of Savola’s entire stake in Almarai Company to Savola’s shareholders, accordingly, Savola announces the decision of the Board of Directors not to distribute cash dividends for the year 2023. |
| Date of the board’s decision | 2024-02-06 Corresponding to 1445-07-25 |
| Reasons for Not Recommending Distribution | The reason not to distribute cash dividends for the year 2023 is due to the recommendation to distribute the Savola’s entire 34.52% shareholding in Almarai to Savola’s shareholders after securing the necessary approvals from regulatory authorities and the Shareholders General Assembly as per the company announcement in Tadawul dated 7/2/2024. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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