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Saudi Arabia: SAMA rejects distribution of AXA Cooperative proposed cash dividend

Source: Middle East Insurance Review | Jul 2020

The Saudi Arabian Monetary Authority (SAMA) has rejected the distribution of cash dividend to AXA Cooperative Insurance shareholders for the fiscal year 2019. 
 
The decision will not have a financial impact on the company’s financials, the insurer said in a bourse statement. 
 
In March, AXA’s board of directors recommended a 7% cash dividend for FY2019 at SAR0.70 per share, amounting to SAR35m, according to Argaam. 
 
The company’s net profit reached SAR108.47m, up by 41.93% y-o-y from SAR76.42m in 2018. M 
 
SAR1 = $0.27
 
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