Al-Modawat shareholders to vote on 70% cash dividend for 2023, stock split on June 9

Logo of Al-Modawat Specialized Medical Co. 

Al-Modawat Specialized Medical Co.’s shareholders will vote on the distribution of dividends from retained earnings at 70% of capital (SAR 7 per share) for 2023, during an extraordinary general meeting to be held on June 9, according to a statement to Tadawul.

 

Dividend Details (2023)

Current Capital

SAR 23.8 mln

Current Number of Shares

2.38 mln

Share Par Value

SAR 10

Total Dividend

SAR 16.6 mln

Percentage of Capital

70% (SAR 7 per share)

Record Date

To shareholders of record and those registered with the Securities Depository Center Co. (Edaa) on the second trading day after the record date

Payment Date

To be announced later
 

Shareholders will also vote on reducing the stock par value from SAR 10 to SAR 1, while keeping capital unchanged following the stock split.

 

Stock Split Details

Current Capital

SAR 23.75 mln

Current Number of Shares

2.37 mln

Current Share Par Value

SAR 10

New Capital

SAR 23.75 mln

New Number of Shares

23.75 mln

Par Value After Stock Split

SAR 1 per share
 

Other agenda items include authorizing the board to distribute interim dividends on a semi-annual or quarterly basis for 2024. This is besides voting on the board's proposal to redefine the use of the IPO proceeds, amounting to SAR 50.23 million, to be fully utilized in financing working capital.

 

Shareholders will also elect board members for the upcoming three-year term, ending on June 8, 2027.

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