JEDDAH, 20 May 2004 — The Savola Group’s extraordinary general assembly held here on Tuesday approved the Board of Directors’ recommendations to increase the group’s capital by 25 percent, raising it from SR800 million to SR1 billion by distributing four million free shares with average distribution of one share for every four owned shares.
Previously, the Board of Directors approved paying out quarterly dividends of SR3.5 per share, which is a pioneering move among all joint stock companies in the Kingdom. The Savola Group will commence distribution of the free shares May 25.
The Savola Group also held its 27th general assembly alongside its 18th extraordinary general assembly.
The general assembly elected a new board of directors for a period commencing July 1. Board members re-elected are Prince Naif ibn Sultan, Ibrahim Mohammed Al-Issa, Adel Mohammed Al-Fakeeh, Ahmed Ghassan Al-Suleiman, Dr. Majid Abdullah Al-Ghosaibi, Saleh Manea Al-Khalawi, representative of the General Investment Fund, and Amar Abdulwahed Al-Khodairi.
Five newly elected board members are Abdulaziz Khaled Al-Ghfili, representative of General Organization of Social Insurance, Dr. Abdullah Mohammed Telmasani, Mohammed Abdulgadr Al-Fadel, Moussa Omran Al-Omran, and Yousef Mohammed Ali Reda.
The group has renewed its request to shareholders to update their addresses and to provide the group’s Shareholders Relations Department with their bank account numbers to facilitate the transfer of the quarterly dividends due to them.
The granted free shares and dividends became effective after the close of the assembly meeting. Based in Jeddah, the Savola Group was established in 1979 and is a joint stock company with a paid-up share capital of SR800 million. Its shares are traded on the Saudi Stock Exchange.
The group consists of Savola Edible Oils (SEO) Division, United Sugar Company (USC) that is a joint venture with Tate & Lyle, the Panda Supermarket chain with 46 branches throughout the Kingdom, Savola Packaging System Company (SPS), and Herfy which is the Group’s fast food company. Al Marai, another company in The Savola Group, is managed independently from the group.
