Saudi Advanced Industries Company announces the latest developments of the Saudi Advanced Industries Company’s announcement of a board recommendation to distribute cash dividends to shareholders for the fiscal year 2023 AD.
| Element List | Explanation |
|---|---|
| Previous Announcement | The Board of Directors’ recommendation to the General Assembly to distribute dividends to the company’s shareholders for the fiscal year 2023, at the rate of 0.75 riyals per share, for a total amount of 44,250,000 riyals for 59,000,000 shares. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-03-17 Corresponding to 1445-09-07 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The Board of Directors’ decision was issued on 09/10/1445 AH, corresponding to 03/20/2024 AD, amending the Board of Directors’ recommendation issued on 09/06/1445 AH, corresponding to 03/16/2024 AD, which included the distribution of cash dividends to shareholders for the fiscal year 2023 AD, so that the recommendation after the amendment became as follows:
• Dividend per share: 1 Saudi riyal per share • Total amount distributed: 59,000,000 Saudi riyals • Number of shares outstanding: 59,000,000 shares • Distribution ratio to the nominal value of the share: 10%.
There is no amendment to the eligibility date and distribution date to remain as it was in the previous announcement. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | NA |
| Additional Information | The Board of Directors’ recommendation to the General Assembly of Shareholders has been amended to distribute additional cash dividends to shareholders for the fiscal year 2023 at 0.25 riyals per share, equivalent to the share per share of Obeikan Glass Company stock dividends, in a way that serves the interest of shareholders and given the difficulty of distributing Obeikan Glass Company shares to shareholders. Those who were not eligible for trading in the parallel market (Nomu) were replaced with a cash distribution instead, noting that the Board of Directors’ decision was announced to cancel the recommendation to the General Assembly to distribute part of the Saudi Advanced Industries Company’s share in Obeikan Glass Company to the shareholders. |
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