Bahri Oks 5% cash dividends for 2022, 50% capital hike

Shareholders of the National Shipping Company of Saudi Arabia (Bahri) approved on June 19 the board proposal to increase capital by 50% from SAR 4.92 billion to SAR 7.38 billion through a bonus share distribution, according to a statement to Tadawul.

Shareholders also approved the board’s recommendation to distribute cash dividends at SAR 0.5 per share, or 5% of the stock par value for 2022, the statement added.

Cash Dividends
Current Capital	SAR 4.92 bln
No. of Shares	492.2 mln
Total Dividends	SAR 246.1 mln
Percentage of Capital	5% (SAR 0.5 a shre)
Record Date	June 19, 2023 (Shareholders of record and those registered with Edaa on the second trading day following the general meeting)
Payment Date	July 16, 2023

Capital Increase Details
Current Capital	SAR 4.92 bln
No. of Shares	492.2 mln
Percentage of Increase	50% (One bonus share-for-every two outstanding shares)
New Capital	SAR 7.382 bln
No. of Shares	738.3 mln
Record date	June 19, 2023 (Shareholders of record and those registered with Edaa on the second trading day following the general meeting)
Reason	Within the company’s strategy to enhance the capital base, in line with growth and expansion plans, in addition to creating higher value in the long term via investments.
Method	Capitalization of SAR 351.75 mln from the statutory reserve and SAR 2.11 from the retained earnings.

They also authorized the board to pay a semi-annual or quarterly interim dividend for 2023.

Additionally, Tadawul announced that the fluctuation limits were based on a share price of SAR 22.90 on June 20, 2023, and the outstanding orders will be cancelled.

Bonus shares will be added to investor accounts before the start of trading on June 22, 2023.

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