Al Khaleej Training and Education Co. (Al Khaleej Training) board of directors has recommended increasing capital by 12.5 percent from SAR 400 million to SAR 450 million through a bonus issue of one share for each eight existing shares.
The capital increase will be financed by capitalizing SAR 50 million from retained earnings, the company said in a bourse filing.
The funds raised will go towards financing expansions and establishing educational projects.
Share fractions will be rounded up and will be offered for sale in 30 days after allocation of new shares.
Meanwhile, Al Khaleej’s board also recommended 5 percent cash dividend (SAR 0.5 per share) totaling SAR 20 million, for fiscal year 2017.
Shareholders of record on the second day following the general meeting are entitled to receive the dividend.
The date of dividend payment as well as of the general meeting will be revealed later.
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Capital Hike Details |
|
|
Current capital |
SAR 400 mln |
|
Current no. of shares |
40 mln |
|
Hike (%) |
12.5% (1 for every 8 shares) |
|
New capital |
To be determined |
|
New no. of shares |
SAR 450 mln |
|
Record date |
45 mln |
|
Purpose of capital hike |
Financing expansions and establishing educational projects |
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Cash Dividend Details (FY 2017) |
|
|
Cash dividend |
SAR 20 mln |
|
Percent capital |
5% (SAR 0.5 per share) |
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Record date |
General assembly meeting |
|
Payment date |
To be determined |
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