The Board of Directors of Al-Imtiaz Investment Group held its meeting today for the consideration of the previous recommendation regarding the distribution of dividends for the FY ended 31/12/2019. Were discussed and decided the following:
Al-Imtiaz Investment Group and its companies operate in various sectors and different countries around the world, which is currently facing the most severe health and economic crisis characterized by rapid spread and uncertainty over the extent of its persistence and its impact on the local and global economy.
Whereas, the group and its companies operate in some countries and sectors that were affected by this crisis and decreased their work movement, especially the real estate sector, the construction, contracting and infrastructure sector, the oil and gas sector and the education sector. The export movement was also affected in vital sectors such as the pharmaceutical industry and the food packaging sector, especially since in some countries economic movement has become almost stalled due to partial or lockdown.
Therefore, in terms of prudence and responsibility at this critical stage, and in light of the lack of clarity of vision in terms of the magnitude of the impact and the time in which this crisis may continue, that urgent and prudent measures should be taken to reduce the burden and maintain the largest amount of liquidity to address any difficulties and challenges that may It arises because of this global crisis.
In line with this trend, the company is currently reviewing all items of expenses, including salaries and administrative structures in the group and its companies to reduce the burden and maintain the viability and durability of the group.
Accordingly, the Board of Directors decided to change the previous recommendation of the General Assembly regarding the distribution of dividends for the FY ending on 31/12/2019 and decided to recommend not to distribute cash dividend.