Al-Samaani to discuss dividend, capital hike on April 11

Shareholders of  Nomu-listed Al-Samaani Factory For Metal Industries Co. (Al-Samaani) will discuss and endorse on April 11 the board’s recommendation on paying cash dividend at 15 percent of the stock’s par value, or SAR 1.5 a share, totaling SAR 1.68 million for FY17, the company said in a bourse statement.

Shareholders of record on the second day following the general meeting are entitled to receive dividend.

Shareholders will also discuss the board’s proposal for a 33.33 percent capital increase from SAR 11.25 million to SAR 15 million, through a 1:3 bonus issue. The capital raise will be financed by SAR 3.8 million in retained earnings.

Shareholders will approve the board of directors’ report, an audit report and all financial statements for 2017.

During the meeting, they will discharge board members from liability associated with their activities in 2017, and select an external auditor for 2018.