Bahri shareholders to vote on 25% capital increase, H2 2021 dividend drop on May 16

A Bahri carrier 

Shareholders of National Shipping Company of Saudi Arabia (Bahri) will vote on the board of directors’ recommendation to increase capital by 25% from SAR 3.94 billion to SAR 4.92 billion, through one share for every four shares held, during the extraordinary general meeting (EGM) scheduled for May 16.

Fractional bonus shares, if any, will be collected in one portfolio and sold at market price, Bahri said in a statement to Tadawul. The sale proceeds will be distributed to eligible shareholders on a pro rata basis within 30 days from the allocation of shares to each shareholder.

The shareholders will also vote on dropping cash dividends for the second half of 2021, and on authorizing the board to distribute dividends on a quarterly or semi-annual basis for 2022. 

Shareholders will also vote on amending Article 15 of the company's by-laws to raise the number of board of directors to 10 from nine.
 

E-voting on the agenda items will start on May 12.