RIYADH: Shares in Saudi Arabia’s Dr. Sulaiman Al Habib Medical Services Group dropped in early Tuesday trading after its SR350 million ($93 million) dividend was approved.
The Riyadh hospital operator’s share price dropped by 1.1 percent to SR198 as of 11:16 a.m. Saudi time, down from SR201 at the previous sessions close.
Shareholders of the company had earlier endorsed the board’s recommendation to pay a quarterly cash dividend of SR0.7 per share.
This brings the total dividend payout for 2021 to as high as SR980 million, representing SR2.8 per share.
The company was established in 1995. Today, it operates seven hospitals in the Kingdom, as well as in the UAE and Bahrain. It also owns pharmacies and other medical-related divisions.