The National Agricultural Development Co.’s (NADEC) shareholders are set to vote on a 20% capital hike to SAR 1.016 billion through the issue bonus shares, during the extraordinary general assembly meeting that will be held on May 5, 2020.
Shareholders will also vote on audited financial statements and audit report for the fiscal year 2019.
During the meeting, they will also vote on the board report for the same period as well as discharging members of the board of directors from liabilities during FY 2019.
In addition, shareholders will vote on appointing an external auditor to audit the company’s financial statements for Q2, Q3 and Q4 2020 as well as Q1 2021 and FY 2020.
Meanwhile, they will vote on other items in the meeting’s agenda including amending bylaws and related party transactions.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 847 mln |
|
Number of shares |
84.7 mln |
|
Hike (%) |
20% (1 share for every 5 shares) |
|
New Capital |
SAR 1.016 bln |
|
New number of shares |
101.64 mln |
|
Record date |
May 5, 2020 |
|
Driver |
To match the company’s share capital to its assets level and support its future investments. |
|
Method |
Through capitalizing SAR 169.4 mln from retained earnings account. |
| P/E (TTM) | 15.95 |
| P/E Before Unusual Items (TTM) | 16.92 |
| P/BV | 1.83 |
| Dividend Yield | - |
| Market Cap. (M) | 7,185.06 |
| Return on Average Assets | 9.30 % |
| Return on Average Equity | 16.71 % |
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