The Securities Depository Center Company (Edaa) has introduced a competitive "Paying Agent" service for issuers as part of Edaa's strategy to provide innovative solutions for all market participants. Edaa aims to further enhance the current cash dividends distribution procedures by creating a single bank account for Edaa through which members are able to distribute cash dividends to entitled shareholders on behalf of issuers. The launch of the new service will ensure prompt cash transfers within 3 days from the eligibility date, compared to the current average payment processing time of about 8 to 30 days. Edaa's CEO Mamdooh Al Sudairi said: "Edaa continually develops and enhances its services to cater to market participants needs. Through introducing the Paying Agent service, we aim to become a centralized hub for information on dividends distributions by easing relevant procedures and facilitating access and tracking of updated information." Additional features of the service include automatically calculating and reporting withholding tax to issuers and members and enabling issuers and members to access Tadawulaty to enquire and track updated information on dividends distributions. You can view the FAQs and General Information page by visiting the below links: https://bit.ly/2yib3fB — SG
