Sulaiman Al Habib approves transferring SAR 1.05B to retained earnings

Shareholders of Dr. Sulaiman Al Habib Medical Services Group (HMG) approved, during the meeting held on May 14, the board’s proposal to transfer the company’s statutory reserve of SAR 1.05 billion as in financial statements for Dec. 31, 2023, to the retained earnings, according to a statement to Tadawul.

They also approval authorizing the board to distribute interim dividends on a semi-annual or quarterly basis for 2024, the statement added.

The statement pointed out that shareholders also ratified amending the company’s bylaws in line with the new Companies Law and rearranging the articles of the bylaws and their numbers to reflect the proposed changes.

A reward of SAR 1.48 million was disbursed to board members for the year ended on Dec. 31. 2023, the statement said.