Aldrees approves 25% capital hike, 10% dividend for FY16

13/03/2017 Argaam

Aldrees Petroleum and Transport Services Co.’s extraordinary general assembly approved on Sunday a board recommendation to increase the company’s capital by 25 percent to SAR 500 million from SAR 400 million, through the issue of one bonus share for every four shares held.

 

The petroleum retailer will capitalize SAR 100 million of retained earnings in order to facilitate the increase, it said in a statement to Tadawul.

 

The capital hike is aimed at enhancing the company’s business and expansions.

 

Shareholders of record at the end of the extraordinary assembly meeting approving the capital hike will be eligible for the increase.

 

Fractional shares will be accumulated in one portfolio and will be sold at market price within a maximum of 30 days after allotment.

 

Aldrees shareholders also approved the issue of a 10 percent cash dividend (at SAR 1 per share), as well as remuneration of SAR 200,000 for each board member for fiscal year 2016.

 

Capital Hike Details

Current Capital

SAR 400 mln

Number of shares

40 mln shares

Percentage of Increase

25 percent (1-for-4 bonus shares)

Post-increase capital

SAR 500 mln

Post-increase shares

50 mln shares

Eligibility Date

March 12, 2017

Cash Dividend Details (FY16)

Cash dividend

SAR 40 mln

Percentage of capital

10 percent (SAR 1/share)

Record date

March 12, 2017

Payment day

March 22, 2017

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