Saudi Steel Pipe Co.'s shareholders approved withholding dividend for 2021, during the ordinary general assembly meeting held on May 24, according to a bourse filing.
The recommended dividend freeze comes on the back of accumulated losses as of Dec. 31, 2021.
The steel pipes manufacturer earlier posted a SAR 900,000 profit for 2021, against a SAR 34.5 million loss a year earlier.
Meanwhile, shareholders appointed an auditor for Q2, Q3, Q4, 2022 and Q1 2023 financial statements.
They also elected of the members of the board of directors for the next three-year session, starting June 7, 2022. The elected members include Hoon Park, Mohammed AbdulAziz Al Shayea, Mariano Armengol Lamazares, Renwar Berzinji, Carlos Andres Ferreyra, Yves Walid, Yacob Chang, Salman Ahmed Akbar, and Maged Al-Dakheel.
Shareholders formed the audit committee for the same new term, approved its tasks, and work rules. Committee members include Salman Ahmed Akbar, Maged Al-Dakheel, and Ruggero Signorelli Filippini.
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