Kingdom Holding Company (KHC), the investment company chaired by Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, is set to distribute cash dividends of SR550.3 million ($146.7 million) in quarterly installments for 2012.

Announcing this at the company's annual general meeting, Alwaleed said Kingdom Holding had entered 2013 with strength recording a net income of SR707 million for the twelve months ended December 31, 2012, which was up 10.5 per cent compared to the year before.

Alwaleed said the company will continue its dividends distributions.

The meeting was attended by the KHC board comprising Talal Almaiman, executive director for Development and Domestic Investments and member of Investment Committee, Ahmed Halawani, executive director for Private Equity, International Investments and member of the Investment Committee, Sarmad Zok, executive director of Hotel Investments and member of the Investment Committee, Shadi Sanbar, KHC’s executive director, CFO and member of the Investment Committee.

The independent board members Dr Khaled Al-Saheem, Taher Agueel and Rasha Elhoshan also attended. Moreover, Saleh Al Sagri’s proxy was provided to Alwaleed, said a statement from KHC.

The shareholders later approved the company’s financial statements for 2012 and also the audit committee’s proposal to select external auditors for 2013, its stated.

KHC members including Mohamed Fahmy Soliman, the deputy CFO and Yasir Alsalman, the assistant executive manager, Finance Department. also attended the AGM meeting besides representatives from the Ministry of Commerce and the Capital Market Authority (CMA), the statement added.-TradeArabia News Service