Tasnee shareholders approve transferring SAR 905.3M to retained earnings

Shareholders of National Industrialization Co. (Tasnee) approved transferring SAR 905.3 million from its statutory reserve, as per the financial statements for the period ended Dec. 31, 2023, to retained earnings in the general meeting held on April 18.

In a statement to Tadawul, the company said that shareholders also approved the amendments of the Article of Association of the company in compliance with the new Company’s Law.

Meanwhile, they ratified the payment of SAR 3.5 million as remuneration to the board members for the fiscal year ended Dec. 31, 2023.