On June 27th, 2016, Solidere shareholders attended a general assembly that was initially scheduled for June 6th, but failed to reach quorum. The general assembly was concluded with the decision to distribute a dividend share for every 80 shares held, in addition to a cash dividend of 10 cents per share. This is equivalent to a distribution of approximately 2 million shares, and $16.5M in cash. This decision comes despite the company’s negative bottom line performance of a net loss equal to $87.21M for 2015, following the recognition of $104.20M in impairments.
Worth mentioning that the Ex-dividend Date and Record Date will be on the 14th and 18th of July, respectively.
During the general assembly, Solidere also disclosed some financial highlights regarding the company’s financial performance during the six months of 2016. In H1 2016, Solidere SAL declared the recognition of $211M in sales, with this figure expected to reach $250-$260M by the end of the year. On the local scene, Solidere also revealed that infrastructure for their waterfront projects is nearly finalized, with only lighting and a final layer of asphalt yet to be completed.
Regarding Solidere International, of which Solidere SAL owns 39.05%, sales in Saudi Arabia during the year reached the SAR 1.2B mark ($320M), while Solidere International’s Al Zorah project in the emirate of Ajman has enjoyed positive results so far.
The president of the Board of Directors and its members were cleared of their duties for 2015.
Solidere A shares performance during 2016