SGS shareholders OK transfer of SAR 520.2M reserve to retained earnings

Logo of  Saudi Ground Services Co. (SGS)

Shareholders of Saudi Ground Services Co. (SGS) approved transferring the company’s SAR 520.17 million statutory reserve as of Dec. 31, 2023, to the retained earnings account, during the extraordinary general meeting (EGM) held on May 23.

They also authorized the board of directors to pay interim dividends on a semi-annual or quarterly basis for 2024, in addition a board remuneration of SAR 2.75 million for 2023, the company said in a Tadawul statement.

The company’s articles of association were amended in compliance with the new Companies Law. Additionally, six new objectives were addded, namely providing administrative services and consultations; providing ground services for civil and military aviation, and providing services related to self-service machines. Other objectives include providing services related to multi-purpose industrial robots and providing services related to other communication activities.

SGS will also provide technology, communications, information technology, and network services. It will not commence its activities except after obtaining the necessary licenses from the competent authorities, the statement said.