Nadec recommends 10% capital raise, 5% cash dividend for 2014

16/02/2015 Argaam

The National Agriculture Development Company’s (NADEC) board of directors recommended in its meeting Sunday a 10 percent capital raise from SAR 700 million to SAR 770 million through the issuance of bonus shares.

The company will issue one bonus share to each 10 shares. Nadec also recommended a five percent cash dividend at SAR 0.5 per share for 2014.

Last ear, the Saudi Arabia-based dairy and food producer raised its capital by 16.7 percent from SAR 600 million to SAR 700 million, according to data compiled by Argaam.

 

Capital Raise Details

SAR 700 mln

Current capital

70 mln shares

Number of shares

10% (one share for every 10 shares)

Capital raise percentage

SAR 770 mln

New capital

77 mln shares

Number of Shares after raise

Extraordinary general assembly meeting

Record date

Expand investments and  expansions

Purpose of capital raise

Dividend

SAR 35 mln

Total dividend

5% ( SAR 0.5/share)

Percent of capital

Ordinary general assembly

Record date

 

 

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