Arriyadh Development Co.’s (ARDCO) board of directors has recommended a 33.33 percent capital hike to SAR 1.33 billion from SAR 1.78 billion through the issue bonus shares.
The capital hike aims to boost the company’s capital to match its business size and future plans.
The process is pending approval from the general assembly and regulator.
The capital increase will be financed through capitalizing SAR 200 million from retained earnings account and SAR 244.44 million from statutory reserve.
Meanwhile, ARDCO recommended an 8 percent cash dividend for the second half of 2019, at SAR 0.80 per share, amounting to SAR 106.67 million.
Key Figures of the Capital Hike
SAR 1.33 bln
Number of shares
33.33% (1 share for every 3 shares)
SAR 1.78 bln
New number of shares
General assembly meeting
To boost the company’s capital to match its business size and future plans.
Dividend Details (H2 2018)
SAR 106.67 mln
Percentage of capital
8% (SAR 0.80 per share)
To be determined
Dividend for FY 2018
SAR 173.33 mln
13% (SAR 1.3/share)
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