Saudi Dairy and Foodstuff Company (Sadafco) has approved a board recommendation for distribution of dividends worth SR97.5 million ($26 million) at SR3 per share representing 30 per cent of the capital, for the first quarter, said a report.

The board approved the proposal at the Annual General Assembly for the financial year ended March 31, according to a statement on the Saudi bourse website.

Eligibility will be for the shareholders who are registered on the company's records with Tadawul on the closing date of the forthcoming General Assembly Meeting.

The ِAGM date will be announced later after obtaining the required approvals from the concerned authorities; the distribution date will be determined after approval of the General Assembly Meeting, the report added.-TradeArabia News Service