Logo of Foods Gate Trading Co.

Foods Gate Trading Co.’s board of directors recommended on March 2 to pay a cash dividend at 10%, or SAR 1 a share, for 2024, according to a statement to Tadawul.

 

Dividend Details

Current Capital

SAR 21 mln

Number of Shares

2.1 mln

Total Dividend

SAR 2.1 mln

Percentage of Dividend

10% (SAR 1 a share)

Record Date

Shareholders of record, and those registered with Edaa on the second trading day following the general meeting date.

Payment Date

To be determined later
 

In a separate statement, the company said that the board also recommended a 50% capital increase from SAR 21 million to SAR 31.5 million through a 1-for-2 bonus share issue.

 

The SAR 10.5 million increase will be financed through capitalizing a part of the retained earnings.

 

Capital Increase Details

Current Capital

SAR 21 mln

Number of Shares

2.1 mln

Nominal Value

SAR 10/share

Percentage of Increase

50% (1:2 bonus share issue)

Method

Capitalizing SAR 10.5 mln from retained earnings

New Capital

SAR 31.5 mln

New Number of Shares

3.15 mln

Reason

To fund operational projects and investment expansions to enhance the company’s ability to achieve its strategic objectives and raise the efficiency of its business to ensure sustainable growth and achieve added value for shareholders

Record Date

Shareholders of record and those registered with Edaa on the second trading day following the record date
 

Fractional shares, if any, will be compiled in one portfolio for all shareholders and will be offered at market price. Proceeds will be distributed among entitled shareholders pro rata within 30 days maximum.

 

 Meanwhile, the company’s board also recommended the transfer of the company’s statutory reserve balance, which amounted to SAR 4.9 million as of Dec. 31, 2024, to the retained earnings account, the statement added.

 

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