Riyadh-Mubasher: National Agricultural Development Co.’s (Nadec) shareholders approved the board’s proposal to increase the capital by 10%, according to a bourse statement.
As a result, the capital will rise to SAR 847 million, to be distributed on 84.7 million shares. The 10% capital raise will be executed on a 1-for-10 basis.
The shareholders gave the go-ahead to the payment of 5% cash dividends or SAR 0.5 per share for 2015, totalling SAR 38.5 million.
The 2015 dividends will be payable to shareholders of record at close of business day on which the upcoming ordinary general meeting will be held.
The payout date will be announced later.
The shareholders also ratified amendments to add the imports and exports of agricultural, animal and food products to the company’s activity.
The latest issuance of shariah-compliant sukuk by the company was reflected in its memorandum of association.
