Astra shareholders to vote on 25% dividend for 2023 on June 24

Astra Industrial Group shareholders will vote on the board’s recommendation to distribute cash dividends at 25% of capital, or SAR 2.5 per share, for 2023, during the extraordinary general meeting (EGM) slated for June 24, according to a statement to Tadawul.

They will also vote on authorizing the board of directors to distribute quarterly or semi-annual dividends for 2024.

Shareholders will further discuss transferring the statutory reserve balance of SAR 406.7 million, as per the financial statements for the year ended Dec. 31, 2023, to retained earnings.

They will further vote on the employee share incentive plan, while authorizing the board to determine the terms of this plan, including the allocation price for each share offered to employees if any.

Additionally, shareholders will discuss the buyback of 300,000 shares, maximum of 0.375%, to allocate to the employees share incentive plan.

The share repurchase will be financed through the company’s own resources and/or using credit facilities. The board of directors will be authorized to complete the repurchase within a maximum period of 12 months from the date of the EGM approval. The company may retain the treasury shares for a maximum period of 10 years from the date of the EGM decision, and after the expiry of this period, the company will follow the procedures stipulated in the relevant laws and regulations.