Al-Jouf Agriculture Development Company’s general assembly approved 20% capital raise (from SAR 250m to SAR 300m) in a meeting held on March 24, 2014. The capital raise is intended to finance the company’s future expansions.
The capital raise is to take place by issuing one bonus share to each five shares owned by registered shareholders as SAR 50m of retained earnings will be capitalized.
By this issuance the number of shares outstanding will be increased form 25m shares to 30m shares as shown in the following table:
|
Capital raise details |
|
|
SAR 250 mn |
Current capital |
|
25 mn shares |
Number of shares |
|
20% (1 for every 5 shares) |
Capital raise (%) |
|
SAR 300 mn |
New capital |
|
30 mn shares |
# of Shares after raise |
|
March 24, 2014 |
Record date |
|
Cash dividends details-2013 |
|
|
SAR 250 mn |
Current capital |
|
SAR 25 mn |
Cash dividends |
|
10% ( SAR 1.0/share) |
% of capital |
|
March 24, 2014 |
Record date |
|
Determined later |
Payment date |
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