Al-Samaani Factory For Metal Industries Co.'s shareholders approved the board's recommendation on a capital increase by 66.67% from SAR 15 million to SAR 25 million via a bonus share distribution (1:1.5) for FY2019.
This came during the company's extraordinary general meeting (EGM) that was held on June 25.
Shareholders also endorsed paying cash dividend at 5%, or SAR 0.5 a share for FY2019, the company said in a bourse statement.
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Details of Capital Hike |
|
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Current Capital |
SAR 15 mln |
|
Number of shares |
1.50 mln shares |
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Increase percentage |
66.67% (1 share for every outstanding 1.5 shares) |
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New Capital |
SAR 25 mln |
|
Number of shares after capital hike |
SAR 2.50 mln |
|
Method |
The capitalization of SAR 10 million of the issue premium |
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Capital hike reason |
To improve the company’s solvency and financial position, and to boost growth rates and expansions |
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Dividend Details (FY 2019) |
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Current Capital |
SAR 15 mln |
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Number of shares |
1.50 mln |
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Dividend |
SAR 0.75 bln |
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Percentage of capital |
5% (SAR 0.5 per share) |
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Record date |
June 25, 2020 |
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Payment date |
To be determined |
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