Al-Samaani shareholders to vote on 66.67% capital hike on June 25

Al-Samaani Factory For Metal Industries Co.’s (Al-Samaani) shareholders are set to vote on the board’s recommendation to increase capital by 66.67% from SAR 15 million to SAR 25 million through the issuance of bonus shares, during the extraordinary general meeting (EGM) that will be held on June 25.

Accordingly, the company's outstanding shares will increase from 1.5 million shares to 2.5 million shares.

In May, the Capital Market Authority (CMA) approved a request from Al-Samaani to raise capital to SAR 25 million through the issue of 1 bonus share for every 1.5 shares held.

Shareholders will also vote on a 5% cash dividend, at SAR 0.5 per share, for the fiscal year 2019, according to a bourse filling on Wednesday.

Shareholders will participate in the meeting through electronic voting as of June 22, in line with the Capital Market Authority's (CMA) circular issued, on March 16, enabling shareholders to participate and vote on general meeting agenda items through Tadawulaty system in line with the government’s efforts to prevent spread of coronavirus.