Saudi Paper shareholders approve 5% cash dividends, 10% bonus issue for Q3 2023

Saudi Paper Manufacturing Co.’s (SPM) shareholders approved the board’s recommendation of paying a cash dividend at 5% of capital, or SAR 0.5 a share, for Q3 2023, during the extraordinary general meeting (EGM), held on April 25, 2024, according to a statement to Tadawul.

They also ratified the board’s proposal to increase capital by 10%, or SAR 33.7 million, from SAR 337 million to SAR 370.7 million via a bonus issue.

Fractional shares, if any, will be compiled in one portfolio and offered for sale at the market price. The proceeds will be distributed among eligible shareholders pro rata in 30 days maximum.

Shareholders also endorsed the board’s proposal to transfer a statutory reserve of SAR 15.34 million as of Dec. 31, 2023, to the retained earnings account.

They further endorsed the election of board members for the upcoming three-year term starting April 27, 2024. These members included Muhammad Al-Sabhan,  Saad Al-Ammari, Mansour Al-Mansour, Abdulaziz Al-Mishaal, Abdul Al-Mishaal, Saud Al-Amari and Bashar Al-Khail.

In addition, the Saudi Tadawul announced that fluctuation limits will be based on a stock price of SAR 71 today.  All outstanding orders will be cancelled.

Edaa will add the bonus shares to shareholder portfolios before Tuesday, April 30.