2024-04-28 07:59:06
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Shareholders of “Papetière Industry” approve dividends and capital increase – SportsLeb, today Sunday April 28, 2024 10:59
Riyadh – Mubasher: The extraordinary general meeting of shareholders of the Saudi Paper Manufacturing Company (Paper Industry), during its meeting on Thursday, April 25, 2024, approved the dividend distributions for the third quarter of 2023, and the increase in capital by grant of free shares.
The company said in a statement on Tadawul on Sunday that the board’s recommendation to distribute cash dividends worth 16.85 million riyals, at 0.50 riyal per share, had been approved.
The right to dividends will be reserved for shareholders who hold shares at the close of trading on the day of the General Meeting and who are registered in the register of shareholders of the company with the Securities Depository Center Company (Depository Center) at the end of the second trading day. following the eligibility date.
The distribution of dividends will begin on Thursday May 9, 2024.
During the meeting, the Assembly also approved the recommendation of the Board of Directors to increase the company’s capital by 10%, from 337 million riyals to 370.7 million riyals.
The company said that the nominal capital value before the increase is 337 million riyals and the nominal capital value following the increase will be 370.7 million riyals, bringing the total amount of the capital increase at 33.7 million riyals.
L’Industrie Papetière explained that the capital increase will be financed by the capitalization of part of the balance of retained profits in the amount of 33.7 million riyals.
She said the capital increase aims to support the capital base, which helps enhance future growth plans and maximize total shareholder returns.
The right to increase the capital will be reserved for shareholders who hold shares at the close of trading on the day of the extraordinary general meeting and who are registered in the company’s shareholder register with the company Edaa Securities Center (Depository Center). at the end of the second trading day following the date of the extraordinary general meeting.
The agenda of the meeting included the approval of the recommendation of the Board of Directors to transfer the entire balance of the statutory reserve in the amount of 15.34 million riyals as in the financial statements ending on December 31, 2023 AD under retained earnings.
It was approved to elect members of the Board of Directors from among the candidates in the next session and to disburse 1.97 million riyals as rewards to members of the Board of Directors and its committees from the ending financial year in 2023 AD, in addition to the rest of the items on the agenda.
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