Riyadh – Mubasher: The National Commercial Bank (NCB) will hold its extraordinary general meeting (EGM) on 3 May.
The EGM will discuss the distribution of cash dividends for the second half of 2016 at SAR 1 per share, totalling SAR 2 billion and representing 10% of capital, according to a bourse filing on Tuesday.
The meeting will confirm what was distributed for the first half of 2016 so that total distributed dividends for the year will reach SAR 3.2 billion at SAR 1.6 per share, representing 16% of the par value after deducting zakat.
Shareholders of record at the end of the meeting will be entitled to receive dividends, which will be distributed 15 days after the meeting date.
The meeting will vote on mandating the board to distribute interim half-annual and quarterly dividends, adding to amending the company’s bylaws to be in line with the New Companies Law.
NCB’s EGM will also consider the board and auditor's reports for 2016, the statement said.
On the twelve-month level, the company’s profits went up 2.51% to SAR 9.3 billion from SAR 9.09 billion in 2015.
