Bahri Annual Report-2011

Board of Directors Report 2011

Statement of Accrued Regulatory Payments as at 31/12/2011

Description

Bahri

NCC

Provision for Zakat

13,087,990

3,506,444

December 2011 Tax Provision

146,567

176,806

December 2011 Social Insurance Provision

348,284

34,721

Dividend Distribution

after deducting all general expenses, other costs and statutory reserve in accordance with the provisions of Article (34) of the memorandum and articles of association of the Company. Members of the Board of Directors are also entitled to remuneration for attending Board meetings, in addition to a lump sum annual bonus in accordance with applicable regulatory rules.”

Dividend distribution depends on the Company’s results of operations, cash flow, working capital requirements, and capital investments. Based on this data, the Board of Directors, in its meeting held on 22/12/2011, decided to recommend to the General Assembly a dividend distribution of SAR 157.5 million for the fiscal year 2011, i.e. at the rate of SAR 0.50 per share. Article (36) of the Company’s Memorandum and Articles of Association stipulates that, “Dividends shall be distributed to shareholders

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