Riyadh – Mubasher: The board of Herfy Food Services Co recommended a distribution of 15% cash dividends for the second half of 2016 to the shareholders.
Herfy will pay SAR 1.5 per share, with a total of SAR 69.3 million, according to a bourse statement.
Registered shareholders by the end of trades on the date of the general assembly's meeting will be eligible of the dividends. The meeting's date will be announced later.
The company's board also recommended increasing the capital by 40% through bonus shares of 2:5, the statement said.
The capital will rise to SAR 646.8 million from SAR 462 million through capitalizing SAR 64.8 million of retaining profits and SAR 120 million of regulatory reserves.
The capital raise is to meet the company's current and future expansions.
Registered shareholders by the end of trades on the date of the extra ordinary general meeting (EGM) will be eligible for the bonus shares.
In its meeting on Monday, the firm's EGM agreed on amending the bylaws to be in line with the New Companies Law.
