Zahrat Al Waha board recommends 50% capital hike via bonus issue, approves 15% cash dividend for 2021

15/11/2021 Argaam Exclusive

The board of directors of Zahrat Al Waha for Trading Co. approved, in a meeting held today, Nov. 15, to increase the company's capital by 50%, through 1-for-2 bonus share distribution, as well as a cash dividend at 15% of capital (SAR 1.5 per share) for 2021, according to a bourse filing.

Details of Bonus Issue

Current capital

SAR 150 mln

Number of shares

15 mln

Capital hike %

50% (one share for every two shares held)

Capital after increase

SAR 225 mln

Number of shares after increase

22.5 mln

Objective of capital hike

To enhance the company's financial solvency and strengthen its capital to match the size of its business and its future aspirations.

Method of increase

Through capitalizing SAR 75 million from retained earnings

 

Dividend Details (2021)

Current capital

SAR 150 mln

Number of shares

15 mln

Dividend

SAR 22.5 mln

Percentage of capital

15% (equivalent to SAR 1.5 per share)

Record date

Shareholders registered at the Securities Depository Center (Edaa) at the end of the second trading day following the day of the extraordinary general assembly meeting.

Payment date

To be announced later

 

The capital increase and the bonus share distribution are subject to the approval of the competent authorities as well as the company's extraordinary general meeting (EGM).

 

In the case of any bonus shares having fractions, these will be collected into one investment portfolio and will then be sold at market price within 30 days from the date of determining the allocation of new shares to each shareholder, the company added.

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Zahrat Al Waha for Trading Co.
33.70
0.40 1.20 %

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Valuation Data (Latest Share Price)

P/E (TTM) 32.72
P/E Before Unusual Items (TTM) 31.24
P/BV 2.60
Dividend Yield 3.65 %
Market Cap. (M) 758.25
Return on Average Assets 4.11 %
Return on Average Equity 7.84 %

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