Astra’s EGM approves 25% dividend for 2023

Shareholders of Astra Industrial Group approved a cash dividend at 25% of capital, or SAR 2.5 a share, for 2023, during the extraordinary general meeting (EGM) held on June 24, according to a statement to Tadawul.  

The board of directors was also authorized to distribute quarterly or semi-annual dividends for 2024.

Shareholders also approved transferring the statutory reserve balance of SAR 406.7 million, as of Dec. 31, 2023, to retained earnings.

Moreover, they greenlit the employee share incentive plan and authorized the board to set the terms of this plan, including the allocation price for each share offered to employees if any.

The company will also buy back 300,000 shares, of 0.375% of the total, maximum to retain as treasury shares and allocate them to the employees share incentive plan.

The repurchase process will be financed through the company’s own resources and/or using credit facilities. The board of directors will be authorized to complete the process within a maximum period of 12 months from the EGM date. 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.