Bena shareholders approve 20% bonus shares, 9% dividend for 2023

Logo of Bena Steel Industries Co.

Shareholders of Bena Steel Industries Co. approved the board’s recommendation on paying a cash dividend at 9% of capital, or SAR 0.9 a share, for 2023 during an extraordinary general meeting (EGM) on Sept. 17, according to a statement to Tadawul.

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They also approved a 20% capital increase by issuing bonus shares to shareholders, capitalizing SAR 10 million from the retained earnings account, with one share distributed for every five shares held.

Any fractional shares will be consolidated into a single portfolio and sold at market price within a maximum of 30 days, on a pro-rata basis, from the date of determining the allocation of new shares for each shareholder, the statement added.

Shareholders also approved the transfer of the entire statutory reserve, amounting to SAR 2.95 million as of the financial statements dated Dec. 31, 2023, to the retained earnings account.

Additionally, they approved the transfer of the company's entire shareholding balance amounting to SAR 216,830 as of Dec. 31, 2023, to the retained earnings account.

In a separate statement, the Saudi Exchange (Tadawul) indicated that fluctuation limits were based today, Sept. 18, on the stock price of SAR 36.95 a share. Outstanding orders will be canceled.

The Securities Depository Center (Edaa) will add the bonus shares to shareholder accounts before the start of trading on Sept. 22.