Arriyadh Development Co.’s (ARDCO) board of directors has recommended a 33.33 percent capital hike to SAR 1.33 billion from SAR 1.78 billion through the issue bonus shares.

 

The capital hike aims to boost the company’s capital to match its business size and future plans.

 

The process is pending approval from the general assembly and regulator. 

 

The capital increase will be financed through capitalizing SAR 200 million from retained earnings account and SAR 244.44 million from statutory reserve.

 

Meanwhile, ARDCO recommended an 8 percent cash dividend for the second half of 2019, at SAR 0.80 per share, amounting to SAR 106.67 million.

 

Key Figures of the Capital Hike

Current Capital

SAR 1.33 bln

Number of shares

133.33 mln

Hike (%)

33.33% (1 share for every 3 shares)

New Capital

SAR 1.78 bln

New number of shares

177.78 mln

Record date

General assembly meeting

Driver

To boost the company’s capital to match its business size and future plans.

 

Dividend Details (H2 2018)

Current Capital

SAR 1.33 bln

Number of shares

133.33 mln

Dividend

SAR 106.67 mln

Percentage of capital

8% (SAR 0.80 per share)

Record date

General assembly meeting

Payment date

To be determined

Dividend for FY 2018

Total dividend

SAR 173.33 mln

Percentage of capital

13% (SAR 1.3/share)

 

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