Riyadh – Mubasher: The ordinary general meeting of Saudi Marketing (Farm Superstores) decided Tuesday to raise its capital by 28.57% to SAR450 million from SAR350 million by distributing 2-for-7 bonus shares.
In a bourse filing, the company indicated that the top-up will be financed through transferring SAR100 million from retained earnings and effected to shareholders of record till the upcoming ordinary general meeting.
In October 2014, the ordinary meeting approved increasing the company’s capital to SAR350 million, which represents a rise of 40% from SAR250, through 2-for-5 bonus shares distribution.
In the ordinary meeting held yesterday, the board ratified as well B o D report, auditor’s report, financial statements for the fiscal year 2015.
Moreover, the green light to FY15 dividend payout was given at SAR1.5 a share, or 15% of capital, totaling SAR52.5 million.
In 2015, Saudi Marketing’s net profit moved up by 5.5% year-over-year to SAR110 million from SAR104.5 million.
On Tuesday, the stock was 0.51% down to SAR50.88 at close.
