Al-Samaani recommends capital hike, 15% dividend for FY17

28/12/2017 Argaam

 

Nomu-listed Al-Samaani Factory for Metal Industries Co. has recommended a 33.3 percent capital hike to SAR 15 million from SAR 11.25 million through the issue of one bonus share for every three shares held.

 

The capital hike, which will be financed from retained earnings account, aims to reward shareholders through granting bonus shares, which will maintain the required cash levels and support the company's expansion plans. 

 

The board also recommended a 15 percent cash dividend (SAR 1.5 per share) for fiscal year 2017, amounting to SAR 1.69 million.

 

Capital Hike Details

Current capital

SAR 11.25 mln

Current No. of shares

1.125 mln

Percentage of Increase

33.33 percent (1-for-3 bonus shares)

Post-increase capital

SAR 1.125 mln

Post-increase shares

1.50 mln

Eligibility Date

General assembly meeting

Purpose

To maintain liquidity & support expansion plans 

 

Cash Dividend Details (FY17)

Cash dividend

SAR 1.687 mln

Percent capital

15% (SAR 1.5/share)

Record date

General assembly meeting

Payment day

To be determined

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