ARDCO recommends capital hike through bonus shares, dividend for H2 2018
Arriyadh Development Co.’s (ARDCO) board of directors has recommended a 33.33 percent capital hike to SAR 1.33 billion from SAR 1.78 billion through the issue bonus shares.
The capital hike aims to boost the company’s capital to match its business size and future plans.
The process is pending approval from the general assembly and regulator.
The capital increase will be financed through capitalizing SAR 200 million from retained earnings account and SAR 244.44 million from statutory reserve.
Meanwhile, ARDCO recommended an 8 percent cash dividend for the second half of 2019, at SAR 0.80 per share, amounting to SAR 106.67 million.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 1.33 bln |
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Number of shares |
133.33 mln |
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Hike (%) |
33.33% (1 share for every 3 shares) |
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New Capital |
SAR 1.78 bln |
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New number of shares |
177.78 mln |
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Record date |
General assembly meeting |
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Driver |
To boost the company’s capital to match its business size and future plans. |
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Dividend Details (H2 2018) |
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Current Capital |
SAR 1.33 bln |
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Number of shares |
133.33 mln |
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Dividend |
SAR 106.67 mln |
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Percentage of capital |
8% (SAR 0.80 per share) |
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Record date |
General assembly meeting |
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Payment date |
To be determined |
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Dividend for FY 2018 |
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Total dividend |
SAR 173.33 mln |
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Percentage of capital |
13% (SAR 1.3/share) |
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