Al Yamamah Steel shareholders OK SAR 29.2M reserve transfer to retained earnings

01/10/2024 Argaam

Al Yamamah Steel shareholders OK SAR 29.2M reserve transfer to retained earnings

Logo of Al Yamamah Steel Industries Co.

Al Yamamah Steel Industries Co.'s shareholders approved transferring SAR 29.2 million in statutory reserve (as of Sept. 30, 2023) to the retained earnings balance of SAR 47.5 million (as of June 30, 2024), during an extraordinary general meeting (EGM) held on Sept. 30.

 

 

In a statement to Tadawul, shareholders also approved amending the bylaws to align with the new Companies Law and adjust the numbering and arrangement of articles accordingly.

 

They also approved amending the remuneration policy for the board, its committees, and executive management, while deciding on several other items, the statement added.

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