Herfy approves capital hike, 15% cash dividend for H2-16

Herfy Food Services Co.’s shareholders approved on Monday a 40 percent capital hike to SAR 646.8 million from SAR 462 million through the issue of two bonus share for every five shares held.

The Saudi Stock Exchange, Tadawul, has said the fluctuation limits on Tuesday for Herfy will be based on a share price of SAR 57.28. The Securities Depository Center (Edaa) will deposit the addition shares into the investor’s portfolios by Thursday.

Meanwhile, shareholders also approved a 15 percent cash dividend (SAR 1.5 per share) for the second half of 2016, bringing the total dividend issued for the full year to SAR 3 per share.

The company’s board of directors has appointed Abdulaziz Al Ghufaili as vice chairman of the board for the current three-year term started on May 1, 2017.

Al Ghufaili, who holds master’s degree in economics from the USA, has been a board member at Herfy since 2010. Meanwhile, he is also a board member at SAVOLA Group and Al Rajhi Bank, the company said in a bourse statement.