Riyadh – Mubasher: Taiba Holding Company on Wednesday announced that the company’s shareholders had approved raising the firm’s capital by SAR 104.6 million to SAR 1.604 billion from SAR 1.5 billion during an extraordinary general meeting (EGM) held the previous day.

The capital raise aims to acquire all the shares of the minority shareholders in Al Aqeeq Real Estate Development Company that represents 8.1% and 12.65% shares of Arab Resort Areas Company (ARAC), according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi-based firm plans to issue 10.46 million new shares, dividends into 7.32 million shares for the shareholders of Al Aqeeq Real Estate Development Company and 3.13 million shares for the shareholders of ARAC.

The capital increase will be effective to all registered shareholders in the register of the Securities Depository Center Company at the end of the second trading day following the EGM date.

The EGM also approved the proposal of the board of directors to distribute a cash dividend of SAR 0.50 a share, or 5% of the share’s nominal value, for the fourth quarter of 2018.

The eligibility of dividends shall be for the registered shareholders in the register of the Securities Depository Center Company at the end of the second trading day following the EGM date.

In addition, the EGM approved the distributed dividends of SAR 1.3 a share, or 13% of the share’s nominal value, for the first three quarters of 2018, raising the cash dividends to SAR 1.8 per share for the full-year 2018.