Budget’s EGM OKs 2016 dividends, capital hike

Riyadh - Mubasher: The extraordinary general meeting (EGM) of United International Transportation Company (Budget Saudi Arabia) approved the distribution of cash dividends for 2016.

The company will distribute dividends at SAR 1.25 per share or 12.5% of the par value, totalling SAR 76.25 million, according to a bourse filing on Thursday.

Registered shareholders at the end of trades on the EGM day will be eligible for the dividends, of which the date of distribution will be announced later.

The meeting also agreed on the board's and auditors’ reports for 2016, the statement said.

The Saudi-listed firm posted SAR 174.5 million profits in 2016 compared to SAR 188.8 million in 2015, with a 7.6% increase.

The EGM also nodded to a capital increase from SAR 610 million to SAR 711.67 million via bonus shares of 1:6.

The additional shares have been deposited into the investors' portfolios and the fluctuation limits will be based on a share price of SAR 24.65, according to a separate filing.

Mubasher Contribution Time: 20-Apr-2017 08:08 (GMT)
Mubasher Last Update Time: 20-Apr-2017 08:34 (GMT)

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