Riyadh - Mubasher: Al Samaani Factory for Metal Industries Company’s board on Thursday called on the extraordinary general meeting (EGM) to approve increasing the company’s capital by 33.33%.

The top-up will raise capital to SAR 15 million from SAR 11.25 million currently through offering one bonus share for each three owned ones, or at a 1-for-3 ratio, the company said in a bourse filing.

The Nomu-listed company further added that after the capital hike, issued shares will increase to 1.5 million shares from 1.125 million shares currently.

Through the capital increase, Al Samaani aims to reward its shareholders through the distribution of bonus shares, which will help maintain the company’s liquidity levels meant for its future expansions.

The hike will be carried out through capitalising on SAR 3.75 million from retained earnings, Al Samaani revealed.

In a separate statement, Al Samaani called for distributing cash dividends of SAR 1.5 per share for the fiscal year 2017, at a par value of 15% of the share’s nominal value.

The total value of distribution is SAR 1.69 million divided on 1.125 million shares.

Al Samaani last reported that its net profits reached SAR 4.8 million during the 10-month and 23-day period ended 30 September 2017.