Al-Modawat EGM approves 70% dividend for 2023, stock split

Al-Modawat Specialized Medical Co.’s shareholders approved distributing a cash dividend at 70%, or SAR 7 a share, for 2023, during the extraordinary general meeting (EGM), held on June 9, according to a statement to Tadawul.

Shareholders also approved the reduction of the stock’s par value from SAR 10 to SAR 1, while maintaining the company’s capital intact.

Shareholders further authorized the board of directors to distribute an interim dividend on a semi-annual or quarterly basis for 2024.

Additionally, shareholders endorsed the board’s proposal to re-determine the uses of the share offering proceeds amounting to SAR 50.23 million to be fully directed to financing the working capital as indicated in the attachment.

Shareholders elected board members for the upcoming three-year board term, starting June 9, 2024, including Abdelaziz Al Yahya, Abdullah Al Yahya, Abdelrahman Al Yahya among others.

The Saudi Exchange (Tadawul) announced that the fluctuation limits for Al-Modawat will be based on a share price of SAR 15.74, and the outstanding orders will be canceled. Furthermore, the Securities Depository Center (Edaa) will deposit the split shares into the investor portfolios by June 12, 2024.