Al Samaani Factory for Metal Industries Co.’s board of directors recommended a 66.7% capital hike to SAR 25 million from SAR 15 million through issuance of bonus shares.
The capital hike aims to boost the company’s capital base, so as to support future growth and expansions, and maintain its solvency.
The step will be financed through capitalizing SAR 10 million from shares premium account, with the remaining premium amount to be capitalized and added to retained earnings.
The process is pending approval from the general assembly and regulator.
Meanwhile, Al Samaani recommended a 5 percent cash dividend for the fiscal year 2019, at SAR 0.50 per share, amounting to SAR 0.75 million.
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Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 15 mln |
|
Number of shares |
1.5 mln |
|
Hike (%) |
66.67% (1 share for every 1.5 shares) |
|
New Capital |
SAR 25 mln |
|
New number of shares |
2.5 mln |
|
Driver |
To boost the company’s capital base in order to assist in future growth and expansions, in addition to improving solvency margin. |
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Dividend Details (FY 2019) |
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|
Dividend |
SAR 0.75 mln |
|
Percentage of capital |
5% (SAR 0.50 per share) |
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Record date |
General assembly meeting |
|
Payment date |
To be determined |
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