The capital hike will be financed through capitalizing SAR 29.05 million from retained earnings account and SAR 70.95 million from statutory deposit.
Shareholders have also approved a 10 percent cash dividend at SAR 1 per share for the fiscal year 2018, the statement added.
In a separate statement, Saudi Stock Exchange (Tadawul) said that the fluctuation limits on Tuesday for Aldrees will be based on a share price of SAR 28.75. The Securities Depository Center (Edaa) will deposit the additional shares into the investors’ portfolios by Thursday March 21, 2019.
Key Figures of the Capital hike
SAR 500 mln
Number of shares
50 mln shares
20% (1 for every 5 shares)
SAR 600 mln
New number of shares
60 mln shares
March 18, 2019
To match capital with business size and future plans