Riyadh – Mubasher: Al Samaani Factory for Metal Industries Company announced on Thursday that its board of directors has recommended increasing capital through the distribution of bonus shares.

The 66.67% hike will raise the company’s capital from SAR 15 million to SAR 25 million, and the number of shares from 1.5 million to 2.5 million shares, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The aim of the capital increase, which is subject to the approval of the next extraordinary general assembly meeting (EGM), is to support the company growth an activity expansion in the years to come.

Moreover, the board has recommended distributing cash dividends worth SAR 750,000 at 5% or SAR 0.5 per share for the fiscal year ending on 31 December 2019.