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SASCO shareholders OK 1:6 bonus issue, SAR 0.75 dividend
Saudi Automotive Services Co.’s (SASCO) shareholders approved, on June 9, the board of directors’ recommendation to increase capital by 16.67% by issuing one bonus share for every six shares held.
In a statement to Tadawul, SASCO said shareholders also agreed to distribute additional cash dividends at 7.5% (SAR 0.75 per share) for 2023.
|
Capital Increase Details |
|
|
Current Capital |
SAR 600 mln |
|
Number of Shares |
60 mln |
|
Percentage of Capital |
16.67% |
|
Method |
One bonus share for every six existing shares |
|
New Capital |
SAR 700 mln |
|
Number of Shares |
70 mln |
|
Reasons |
To be compatible with the company's business size and assets and to support future expansions. |
|
Record Date |
June 9, 2024, including shareholders registered with Edaa by the close of the second trading day following the record date. |
|
Method |
Capitalizing the whole balance of the statutory reserve amounting to SAR 83.14 mln, in addition to SAR 16.86 mln from retained earnings. |
|
Details of Additional Dividend |
|
|
Current Capital |
SAR 600 mln |
|
Number of Shares |
60 mln |
|
Dividend |
SAR 45 mln |
|
Percentage of Capital |
7.5% (SAR 0. 75 per share) |
|
Eligibility |
June 9, 2024 including shareholders registered with Edaa at the end of the second trading day after the general meeting date |
|
Payment Date |
July 1, 2024 |
|
Full-Year Dividend (2023) |
|
|
Total Dividend |
SAR 75 mln |
|
Percentage of Capital |
12.5% (SAR 1.25 a share) |
In addition, shareholders authorized the board of directors to distribute interim dividends, semi-annually or quarterly, for 2024.
Fractional shares, if any, will be compiled in one portfolio for shareholders and will be sold at market price. The proceeds will be distributed to the eligible shareholders on a pro rata basis in 30 days.
Moreover, shareholders approved the election of board members for the upcoming four-year term beginning June 30, 2024, namely; Ibrahim Alhudaithi, Sultan Alhudaithi, Majed Al Othman, Majed Alsubeaei, Faisal Al-Jedaie, Yousef Al- Yousfi, and Riyadh Almalik.
Fluctuation limits will be based on a share price of SAR 57 today, June 10, 2024, and the outstanding orders will be cancelled, Tadawul said in a separate statement.
The Securities Depository Center (Edaa) will add the bonus shares to shareholder portfolios before the start of trading on June 12.
Dividend History (SAR/share) Corporate Actions
| Announcement | Ex-Dividend | Payment | Dividends (M Riyal) | Dividends * | Notes |
| 28/03/2024 | 09/06/2024 | 01/07/2024 | 45.00 | 0.64 | |
| 11/10/2023 | 16/10/2023 | 06/11/2023 | 30.00 | 0.43 | |
| 19/12/2022 | 25/12/2022 | 05/01/2023 | 30.00 | 0.43 | |
| 05/09/2022 | 08/09/2022 | 21/09/2022 | 30.00 | 0.43 | |
| 14/04/2022 | 14/06/2022 | 29/06/2022 | 15.00 | 0.21 | |
| 28/12/2021 | 02/01/2022 | 17/01/2022 | 12.00 | 0.17 | |
| 09/09/2021 | 19/09/2021 | 04/10/2021 | 18.00 | 0.26 | |
| 28/03/2021 | 16/06/2021 | 05/07/2021 | 12.00 | 0.17 | |
| 27/10/2020 | 03/11/2020 | 18/11/2020 | 24.00 | 0.34 | |
| 14/05/2020 | 22/06/2020 | 05/07/2020 | 60.00 | 0.86 |
Dividend History
| Consolidated cash dividend | Cash dividend per share (SAR) | * The stock price at the beginning of the period (SAR) | Return on the base price |
|---|---|---|---|
| Last 3 Financial years | 2.57 | 25.84 | 9.95 % |
| Last 5 Financial years | 3.94 | 14.43 | 27.32 % |
| Last 10 Financial years | 6.11 | 14.41 | 42.39 % |
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Valuation Data (Latest Share Price)
| P/E (TTM) | 54.51 |
| P/E Before Unusual Items (TTM) | More than 100 |
| P/BV | 6.44 |
| Dividend Yield | 1.68 % |
| Market Cap. (M) | 5,425.00 |
| Return on Average Assets | 1.63 % |
| Return on Average Equity | 11.61 % |
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