Logo of Saudi Steel Pipe Co.
Saudi Steel Pipe Co.’s (SSP) shareholders approved the board recommendation to withhold dividends for the year ended Dec. 31, 2022, during the ordinary general meeting (OGM) held on June 20.
Other agenda items were ratified, including a number of business contracts in which the board members are indirectly related parties, according to a statement to Tadawul.
The board of directors proposed in May to withhold dividends for 2022 due to accumulated losses.
Accumulated losses reached SAR 6.2 million by Dec. 31, 2022, representing 1.2% of capital.
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