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Aldrees shareholders nod to capital hike

Aldrees shareholders nod to capital hike
Photo Credit: Arabianeye-Reuters
ALDREES
4200
48.61% 171.20 56.00

Mubasher: The extraordinary general meeting (EGM) of Aldrees Petroleum and Transport Services Co approved the board’s recommendation of raising the capital by 25% through 1-for-4 bonus shares.

The shareholders also agreed on the board’s proposal of distributing 10% cash dividend or SAR 1 per share, according to a bourse statement issued on Monday.

The bonus shares which will be distributed total 40 million, while the overall cash dividend amounts to SAR 40 million.

The distribution of the dividends will start on 22 March 2017, according to the statement.

 Aldrees will increase the capital to total SAR 500 million which is distributed on 50 million shares.