A hospital of Al Hammadi
Shareholders of Al Hammadi Company for Development and Investment approved the board of directors’ recommendation to increase capital to SAR 1.6 billion from SAR 1.2 billion through a 33.3% bonus issue, during the extraordinary general meeting (EGM) held on June 20.
The capital will be increased by issuing one bonus share for every three shares held, the company said in a statement to Tadawul.
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Capital Increase Details |
|
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Current Capital |
SAR 1.2 bln |
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Number of Shares |
120 mln |
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Percentage of Increase |
33.3% (one share for every three shares held) |
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New Capital |
SAR 1.6 bln |
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Number of Shares |
160 mln |
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Reason |
To support the company’s capital base, which will enhance growth plans and future activities, while maximizing total shareholder returns |
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Method |
Through capitalizing retained earnings and SAR 400 million from the statutory reserve |
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Record Date |
June 20, 2022 (Including shareholders of record with the Securities Depository Center (Edaa) by the close of the second trading day following the record date). |
Meanwhile, the Saudi Exchange (Tadawul) said today, June 21 that the fluctuation limit for Al Hammadi will be based on a share price of SAR 36.65, and the outstanding orders will be canceled.
Additionally, Edaa will deposit the bonus shares into investor portfolios by June 23.
Elsewhere, Al Hammadi shareholders authorized the board of directors to distribute interim dividends on a quarterly or semi-annually for 2023.
They also approved the SAR 0.40 dividend payout for the first quarter of 2022.
In addition, nine board members were also elected for the next three-year term starting from June 22, 2022, including Saleh Al Hammdi, Abdulaziz Mohammed Al Hammadi, Mohammed Al Hammadi, Abdulaziz Saleh Al Hammadi.
The shareholders also approved the audit committee formation with the relevant work controls and remuneration for the same three-year term. The committee comprises Aziz Al-Qahtani, Nasser bin Saif and Lama Al Hammadi.
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