Almuneef shareholders nod for capital hike, other agenda items

ALMUNEEF
9569 4.77% 5.27 0.24

Riyadh – Mubasher: Al Muneef Trading, Industry, Agriculture and Contracting Company’s shareholders approved a 50% increase in corporate capital during a general assembly meeting.

The capital will rise from SAR 38 million to SAR 57 million to support the company’s strategic growth plans and future expansion requirements, according to a bourse filing.

The increase will be executed by capitalizing SAR 19 million from the retained earnings account. Shareholders will be granted one bonus share for every two existing shares held.

Eligibility for the bonus shares is set for the date of the assembly meeting for shareholders registered with the Securities Depository Center (Edaa) by the end of the second trading day following the eligibility date.

The assembly, held on 29 June 2026, also authorized the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis for the 2026 fiscal year.

Furthermore, shareholders approved several related-party contracts and the appointment of Al-Ayouti & Partners Accountants and Legal Auditors as the company’s auditor from among the candidates based on the recommendation of the Audit Committee.

The auditor will examine, review and audit the financial statements for the first (Q1), second, third and annual quarters of the 2026 fiscal year. This is in addition to Q1-27, with total fees of SAR 420,000.

Source: Mubasher Source: {{details.article.source}}