Budget Saudi approves dividend, capital hike

United International Transportation Co.’s (Budget Saudi) extraordinary general assembly approved a 12.5 percent cash dividend to be issued at SAR 1.25 per share for fiscal year 2016.

Shareholders also gave the go-ahead for a 16.66 percent capital hike to SAR 711.67 million from SAR 610 million through the issue of one bonus share for every six shares held.

Shareholders of record on the end of the extraordinary assembly meeting approving the capital hike will be eligible to the cash dividend and bonus shares.

Remuneration of SAR 100,000 for each director, excluding the board chairmen, for fiscal year 2016 was also approved.

Meanwhile, shareholders also approved extending a contract with Automotive Maintenance Centre (AMC), which is owned by Budget Saudi’s chairman Abdulilah Zahid, for an additional year.

The board of directors’ recommendation to appoint Ernst & Young as external auditors for fiscal year 2017 was also adopted.