Taiba Holding shareholders approve capital hike, dividend for Q4 2018

Taiba Holding Co.’s shareholders approved on Tuesday the proposed capital hike from SAR 1.5 billion to SAR 1.6 billion through issuing 10.76 million shares, the firm said in a bourse statement.

The capital increase will be used to finance the acquisition of minority shares of 8.10 percent in Al Aqeeq Real Estate Development Co. and 12.65 percent in Arab Resort Areas Co. (ARAC), which will make Taiba the sole owner of these two firms.

During an extraordinary general assembly meeting, shareholders also approved the firm’s financial statements and audit report for fiscal year 2018.

They approved a 5 percent cash dividend for the fourth quarter of 2018, at SAR 0.5 per share, amounting to SAR 75 million.

The previously distributed 13 percent dividend for the remaining period of the year was also approved, which brings the total dividends for the year to 18 percent, or SAR 270 million.

Shareholders agreed to pay a remuneration of SAR 300,000 per board member for 2018.

KPMG Al-Fawzan was appointed as external auditor for the first three quarters and annual results of 2019, as well as Q1 2020.

Taiba’s board of directors was authorized to distribute dividends semi-annually or quarterly for 2019.

Shareholders also approved deals and contracts signed with Alfapeople - Strata Information Technology, in which board member Ghassan bin Yasser has a direct/indirect interest. 2018 technical support and maintenance deals were worth SAR 229,500.

The shareholders have approved board members’ business with competition.