The National Agriculture Development Company’s (NADEC) board of directors recommended in its meeting Sunday a 10 percent capital raise from SAR 700 million to SAR 770 million through the issuance of bonus shares.
The company will issue one bonus share to each 10 shares. Nadec also recommended a five percent cash dividend at SAR 0.5 per share for 2014.
Last ear, the Saudi Arabia-based dairy and food producer raised its capital by 16.7 percent from SAR 600 million to SAR 700 million, according to data compiled by Argaam.
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Capital Raise Details |
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SAR 700 mln |
Current capital |
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70 mln shares |
Number of shares |
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10% (one share for every 10 shares) |
Capital raise percentage |
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SAR 770 mln |
New capital |
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77 mln shares |
Number of Shares after raise |
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Extraordinary general assembly meeting |
Record date |
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Expand investments and expansions |
Purpose of capital raise |
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Dividend |
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SAR 35 mln |
Total dividend |
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5% ( SAR 0.5/share) |
Percent of capital |
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Ordinary general assembly |
Record date |
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