JEDDAH: Abdul Rauf Muhammad Manna, managing director of Savola Group, said his company's factories and plants in Egypt, Algeria, Pakistan, Turkey and Iran were not affected by anti-government protests in the region.
"The workers in our factory in Suez had some demands and we have settled their demands without affecting work," Manna said while answering a question during the group's general assembly meeting here on Wednesday.
Muhammad Fadl, a member of the board of directors, said the group had completed the first phase of a major real estate project that includes construction of 250 housing units north of Jeddah. Each unit, covering an area of 300 square meters, will cost SR900,000.
The general assembly meeting, which was presided over by Suleiman Al-Muhaideb, agreed a dividend payout of SR625 million among shareholders. The amount accounts for 12.5 percent of its capital.
The group will start distributing the dividends on Monday.
The general assembly endorsed the appointment of Abdullah Rehaimi as a member of the board of directors from Sept. 21, 2010. He will continue in the position until the end of the board's present term. Rehaimi is representing the Public Investment Fund and filling the gap caused by the resignation of Adel Fakieh, who was appointed Labor Minister last August.
© Arab News 2011
