Riyadh – Mubasher: Methanol Chemical Company (Chemanol) will hold its extraordinary general meeting (EGM) on 18 April to discuss the board’s recommendation to not distribute dividends for 2016.
The company said that the decision aims to support the financial position of the company and enhance its strategic plans, according to a bourse filing.
The board’s decision will be presented to the next general assembly, according to a bourse filing on Monday.
The meeting will also consider the board's and auditors’ reports for 2016, in addition to amending the company’s bylaws to be in line with the New Companies Law.
Chemanol recorded losses of SAR 112.8 million in 2016 compared to SAR 139.9 million in the year before, with a 19.35% decrease.