Kingdom Holding to pay $146m dividends
Riyadh, February 25, 2012
Kingdom Holding Company (KHC), the investment firm chaired by Saudi billionaire Prince Alwaleed, said it plans to distribute SR550.3 million ($146.6 million) annual cash dividends out of its accumulated retained earnings during 2012.
The cash dividend represents a payment of 5 per cent of capital or 50 Halalas per share to the public shareholders, said Prince Alwaleed at the KHC board meeting.
This reflects KHC's strategy to distribute cash back to its shareholders as the company continues to experience improving results on the path of continuous profitability through its sound strategic plan, he added.
The meeting was attended by members Talal Al Maiman, executive director for Development and Domestic Investments, Ahmed Halawani, executive director for Private Equity, International Investments, Sarmad Zok, executive director of Hotel Investments besides Saleh Al Sagri, Dr Khaled Al-Saheem, Taher Agueel and Rasha AlHoshan.
The Board meeting was attended by Shadi Sanbar, KHC’s CFO and member of the Investment Committee.
According to Prince Alwaleed, the distribution of dividends was pursuant to the resolution of the board of directors.
KHC in a statemment said Prince Alwaleed as the 95 per cent shareholder of the company will only receive 13 Halalas per share per year.
As a gesture, Saudi Prince had given up his full entitlement of the share of the dividends distribution to allow the company to pay the shareholders annual dividends that are not less than the 5 per cent of capital.
The cash dividend will be payable to shareholders of record in four quarterly payments of 12.5 Halalas each quarter.
'The continuity of our dividend distribution is part of Kingdom Holding’s strategic plan. It is based on our confidence that Kingdom Holding will continue to generate ample profits and cash to invest in the growth of our business and its commitment to continue to pay dividends in the future,' he added.-TradeArabia News Service