The Board of Directors of the Grand Factories Company for Mining (AMAC) recommended distributing cash dividends to the company's shareholders for the first half of this year, at a value of 129.08 million riyals.
The company said in a statement to the Saudi market (Tadawul), today, Tuesday, that the share's share of the profits is 2 Saudi riyals, with a distribution rate of 20% of the nominal value of the share.
The company clarified that the number of shares entitled to dividends is about 64.54 million shares.
The eligibility for dividends will be for the shareholders who own the shares at the end of trading on Tuesday, July 26, 2022 (the maturity date), and are registered in the company's shareholders register at the Securities Depository Center (Deposit) at the end of the second trading day following the maturity date.
The company indicated that the dividend distribution date will be announced later.
In a related context, the company's board of directors decided to recommend to the extraordinary general assembly the use of the share premium account, which has a balance of 508.59 million riyals as follows:
(1) Increasing the company's capital through a capitalization of 240 million riyals, by granting one share for every 2.75 shares.
(2) Transfer the remaining amount of 268.59 million riyals to the statutory reserve account.
The company explained that the previous procedure will result in an increase in the capital from 660 million riyals to 900 million riyals, an increase of 36.36%, explaining that the objective of the capital increase is Supporting the company's financial position in order to achieve its strategy of expansion and growth by exploiting investment opportunities in the mining sector.
