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The General Assembly of Aldrees yesterday approved the recommendation of the Board of Directors to increase the capital from 500 million to 600 million riyals by distributing 20% of free shares for 5 actions.
The company has also approved the resolution of the board of directors to distribute cash dividends to shareholders of the company for 2018 at a rate of 10% of the capital (equivalent to one riyal per share). As shown in the following table:
|
Aldrees – Details of the capital increase through the distribution of free shares |
|
|
Current capital |
500 million riyals |
|
Number of actions |
50 million shares |
|
Percentage increase |
20% (shares for 5 shares) |
|
Capital after increase |
600 million riyals |
|
Number of shares after the increase |
60 million shares |
|
Date of expiry |
March 18, 2019 |
|
Reason for the increase |
Match capital to the size of the company and future aspirations |
|
Dividends in cash – year 2018 |
|
|
Total dividends |
50 million riyals |
|
Percentage of capital |
10% (equivalent of one riyal per share) |
|
Date of expiry |
March 18, 2019 |
|
Date of distribution |
April 2, 2019 |
In a statement about Tadawul, the company announced that the capital increase would be achieved by capitalizing 29.05 million SAR of retained earnings and 70.95 million SAR of the legal reserve.
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