Riyadh – Mubasher: The extraordinary general meeting (EGM) of Al Samaani Factory for Metal Industries Company approved raising the company’s capital to SAR 25 million from SAR 15 million via a 1-for-1.5 bonus share issuance.

The capital increase will support the company’s capital base, hence, bolstering the growth rates over the coming years while maintaining the financial solvency, according to a stock exchange filing on Sunday.

The EGM further approved the board’s proposal to distribute cash dividends of SAR 750,000 or SAR 0.5 per share to shareholders for fiscal year (FY) 2019.

The dividends will be matured to shareholders at the end of the assembly’s meeting date and those registered on records at the end of the second trading day following the due date.

The distribution date will be disclosed in due course, the company noted. 

Last year, the company reported SAR 1.9 million in net losses, against profits worth nearly SAR 459,000 in 2018.