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Saudi Al Samaani OKs SAR 1.5/shr dividends for 2017

Saudi Al Samaani OKs SAR 1.5/shr dividends for 2017
The board agreed on increasing the company’s capital by 33.3% through distributing bonus shares.
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Riyadh – Mubasher: Al Samaani Factory for Metal Industries Company on Thursday said that its extraordinary general meeting (EGM) had approved distributing cash dividends to shareholders for the year ended 31 December 2017.

The EGM nodded to pay SAR 1.5 per share, representing 15% of the share’s nominal value, according to a filing to the Saudi Stock Exchange (Tadawul).

The Saudi Arabia-based firm said that the dividend payment date will be set later to the shareholders registered in records on 12 April.

Of note, Al Samaani’s board agreed on increasing the company’s capital by 33.3% through distributing bonus shares.

As a result, the company’s capital rose to SAR 15 million from SAR 11.25 million, while the shares increased to 1.5 million, up from 1.13 million before.

Bonus shares will be added to shareholders’ portfolios on Monday 16 April 2018, according to the statement.

As for the full-year 2017, the company’s profits reached SAR 5.54 million.

By the end of Wednesday’s session, Al Samaani’s stock declined 4.6% at SAR 45.93.