Saudi school company NCLE to pay out $9mln dividend

The company's general assembly approved the dividend which equates to SAR 0.80 per share

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Saudi’s National Company for Learning and Education (NCLE) has approved a dividend of $9 million (34.4 SAR million), the equivalent of SAR 0.80 per share.

The dividend, recommended by the board, was approved by the company’s ordinary general assembly meeting, which was held electronically, said a statement to Tadawul.

The payout is equivalent to eight percent of the company’s share capital, and will be distributed from 24th January.

NCLE is the Saudi education sector’s first closed joint stock company, catering to 15,000 pupils.

The company’s website outlines campuses in Saudi Arabia and in Doha, Qatar, and states plans to expand nationally and internationally with continued investment in education.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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