FIPCO to withhold dividends for FY17

Filling and Packing Materials Manufacturing Co. (FIPCO) said its shareholders have approved the board’s recommendation to withhold cash dividends for 2017 in order to finance expansion plans.

At the annual general meeting, held on Tuesday, the company approved the new policies and procedures of board membership, charter of nomination and remuneration committee, and remuneration policy for the board members, board committees and senior executives, FIPCO said in a statement to Tadawul.