Al-Samaani Factory For Metal Industries Co.'s shareholders approved the board's recommendation on a capital increase by 66.67% from SAR 15 million to SAR 25 million via a bonus share distribution (1:1.5) for FY2019.

 

This came during the company's extraordinary general meeting (EGM) that was held on June 25.

 

Shareholders also endorsed paying cash dividend at 5%, or SAR 0.5 a share for FY2019, the company said in a bourse statement.

 

Details of Capital Hike

Current Capital

SAR 15 mln

Number of shares

1.50  mln shares

Increase percentage

66.67% (1 share for every outstanding 1.5 shares)

New Capital

SAR 25 mln

Number of shares after capital hike

SAR 2.50 mln

Method

The capitalization of SAR 10 million of the issue premium

Capital hike reason

To improve the company’s solvency and financial position, and to boost growth rates and expansions

 

Dividend Details (FY 2019)

Current Capital

SAR 15 mln

Number of shares

1.50 mln

Dividend

SAR 0.75 bln

Percentage of capital

5% (SAR 0.5 per share)

Record date

June 25, 2020

Payment date

To be determined

 

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