Al-Etihad Cooperative Insurance Co.’s shareholders approved the board's recommendation to distribute cash dividends at 6% of capital, or SAR 0.6 per share, for 2023 during the extraordinary general meeting (EGM) held on May 29, according to a Tadawul statement.
Meanwhile, shareholders approved an 11.11% capital increase via bonus share distribution by capitalizing SAR 50 million from retained earnings, at one share for every nine shares held by shareholders of record.
|
Dividend Details |
|
|
Current Capital |
SAR 450 mln |
|
Number of Shares |
45 mln |
|
Total Dividend |
SAR 27 mln |
|
Percentage of Capital |
6% (SAR 0.6 per share) |
|
Record Date |
May 29, 2024 (Shareholders registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day after the record date) |
|
Payment Date |
To be announced later |
|
Capital Increase Details |
|
|
Current Capital |
SAR 450 mln |
|
Number of Shares |
45 mln |
|
Capital increase (%) |
11.11% (one share for every nine shares held) |
|
New Capital |
SAR 500 mln |
|
Number of Shares after Increase |
50 mln |
|
Method |
Through capitalizing SAR 50 million from retained earnings |
|
Reason |
To strengthen the company’s capital base and support its future activities |
|
Eligibility |
May 29, 2024 (Shareholders registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day after the record date) |
The fractional bonus shares, if any, will be collected into one investment portfolio and will then be sold at market price within 30 days from the date of determining the allotment of new shares to each shareholder, the insurer added.
In a separate statement, the Saudi Exchange (Tadawul) said that the daily trading fluctuation limit for Al-Etihad Insurance after its capital increase will be based on a share price of SAR 18.18 as of today, May 30.
Accordingly, the outstanding orders will be canceled.
The Securities Depository Center (Edaa) will deposit the additional shares into investor portfolios by June 3, 2024.
| Announcement | Ex-Dividend | Payment | Dividends (M Riyal) | Dividends * | Notes |
| 15/04/2024 | 29/05/2024 | 10/06/2024 | 27.00 | 0.54 |
| Consolidated cash dividend | Cash dividend per share (SAR) | * The stock price at the beginning of the period (SAR) | Return on the base price |
|---|---|---|---|
| Last 3 Financial years | 0.54 | 19.50 | 2.77 % |
| Last 5 Financial years | 0.54 | 13.81 | 3.91 % |
| Last 10 Financial years | 0.54 | 13.66 | 3.95 % |
| P/E (TTM) | 11.14 |
| P/E Before Unusual Items (TTM) | 11.14 |
| P/BV | 1.27 |
| Dividend Yield | 3.26 % |
| Market Cap. (M) | 890.00 |
| Return on Average Assets | 4.83 % |
| Return on Average Equity | 11.88 % |
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