Al Yamamah Steel shareholders approve board, audit reports for FY16/17

Al Yamamah Steel Industries Co.’s general assembly on Tuesday approved financial statements and the audit report for the fiscal year ending Sept. 30, 2017, the company said in a bourse statement.

Shareholders also approved the board report for the same period and discharged board members from liabilities during FY 2016-17.

The general assembly has selected KPMG Al Fozan & Partners Accounting Firm to audit the financial statements for Q2, Q3 and Q4 of the fiscal year 2018 as well as financials for Q1 2019.

During the meeting, shareholders approved the payment of a 15 percent cash dividend (SAR 1.5 per share) for FY 2016-17, as well as the payment of SAR 1.4 million in board remuneration for the same period.

The assembly also approved related party transactions to take place during the upcoming year, and authorized the board of directors to pay semi-annual dividend for the fiscal year 2018.