Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), has waived some 1.2 billion riyals ($ 320 million) of the company's shares in the company. The board of directors has approved a quarterly cash dividend Of the remaining profits in 2018 by 1.25% (5% for the whole year) of the nominal value of the share. "
Prince Alwaleed will still receive a 562.7 million riyals share of the annual profit, amid assurances that what has been "consistent with what he has earned over the past seven years when the company started offering dividends, Is 299.2 million riyals of its share of quarterly profits.
This comes after Prince Alwaleed, who holds about 95% of the company's shares, surrendered 34 halalas per share (SAR1.197 million) of his share of the proposed cash dividend for the entire year.
The company said it had proposed a cash dividend of 0.50 riyals per share for 2017 and added that its chairman Prince Alwaleed bin Talal had waived a quarterly share of 299.2 million riyals ($ 79.8 million) Dividend.
Kingdom Holding reported a net profit of 663.6 million riyals, compared to a loss of 350 million riyals a year earlier, on the back of an increase in investment income.
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