Phoenix Power Company SAOG announced at annual general meeting held on May 20, 2020, approved the Board of Directors was authorized to determine and distribute cash dividends to the Shareholders of the Company in July 2020 and January 2021 out of the retained earnings as per the audited financial statements for the financial year ended 31 December 2019, provided that the aggregate amount shall not exceed 4.15% Baizas per share after obtaining no objection from Lenders.