Kingdom Holding Company (KHC), chaired by HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud announced the Company’s Annual General Meeting (AGM) will be held on Sunday, March 27th 2011 at the Four Seasons Hotel, Riyadh at 3:00PM.
In December 2010, KHC announced that pursuant to the resolution of the board of directors, the Company intends to initiate its first annual cash dividend of SR550 million out of accumulated retained earnings. The cash dividend represents a payment of 5% of capital or 50 Halalas per share to the public shareholders. With a current dividend yield of 5.7% to the public shareholders based on current market price, this reflects a move in the Company’s strategy to start distributing cash back to its shareholders as the Company continues to experience improving results on the path of continuous profitability through its sound strategic plan. The cash dividend will be payable to shareholders of record in four quarterly payments of 12.5 Halalas each quarter starting with the approval at the AGM.
Prince Alwaleed: “Kingdom Holding will distribute dividend to its shareholders a week after the AGM!”
The AGM meeting will be attended by the KHC Board that is comprised of Eng. Talal Al Maiman, Executive Director for Development and Domestic Investments and Member of the Investment Committee, Eng. Ahmed Halawani, Executive Director for Private Equity, International Investments and Member of the Investment Committee, Mr. Sarmad Zok, Executive Director of Hotel Investments and Member of the Investment Committee, Mr. Saleh Al Sagri, Dr. Khaled Al-Saheem and Mr. Taher Agueel.
The AGM meeting will also be attended by Mr. Shadi Sanbar, KHC’s CFO and Member of the Investment Committee and Mr. Ali Tabbal, Deputy CFO.