Lazurde board recommends withholding dividend for FY19

Lazurde Company for Jewelry’s (Lazurde) board of directors recommended on Tuesday withholding dividend for the fiscal year 2019 to strengthen the company’s cash position and grow revenues, the company said in a bourse statement.

The board’s intention is to grow the company’s profits and resume dividend distribution as soon as the financial results improve, the statement added.

The board recommendation is subject to shareholders' approval in the upcoming general meeting that will be announced after obtaining regulatory approval.

In April 2019, the company’s shareholders approved a board recommendation to hold off on issuing a cash dividend for fiscal year 2018, Argaam reported.