Arabian Centres Co. announces the distribution of cash dividend for the second half of FY2020 ended on 31 March 2020

Element ListExplanation
Introduction Arabian Centres Co. (the “Company” or “ACC”) is pleased to announce its Board of Directors decision (according to the authorization given to the BoD by the Company’s AGM on 30 September 2019 to distribute interim dividend) to distribute cash dividend to the shareholders for the second half of FY2020 ended on 31 March 2020, and that is as follows:
Board Resolution Date 2020-07-13 Corresponding to 1441-11-22
Total Amount of Dividend Distributed SAR 237.5 Million
Number of Shares Eligible for Dividends 475 Million Shares
Dividend per share SAR 0.50
Percentage of Dividend to the Share Par Value (%) 5.00 %
Eligibility date 16 July 2020
Distribution Date 27 July 2020
Additional Information It is worth mentioning that the Company’s Board of Directors made the decision to distribute dividend for the second half of FY2020 to reflect ACC’s commitment to generate decent returns to its shareholders, this decision is mainly supported by the Company’s sound financial position with around SAR 1.0 billion in cash at the close of the fiscal year ended on 31 March 2020. Additionally, some recent positive developments have further improved ACC’s financial position, including:

1) The successful IPO of “Amlak International for Real Estate Finance Company”, that ACC owns indirectly a total of 8.44% of its capital prior to its IPO, and the expected cash proceeds of the IPO is SAR 36.7 million (Before deducting the IPO expenses). The total ACC’s investment value in Amlak International is around SAR 122.4 million before the IPO (around SAR 85.7 million post IPO), which is classified as “Other investments – Fair Value through other comprehensive Income (FVOCI)” item in ACC’s balance sheet due to the non-core nature of this investment.

2) The substantial improvement in receivables collection in the recent past, with the increasing confidence in ACC’s post Covid-19 recovery trajectory.

3) The positive negotiations with ACC’s landlords which will bring in good savings that will minimize the negative impact of Covid-19 pandemic.

The eligibility of dividend shall be for the shareholders at the close of trading on 16-07-2020, who are registered in the register of The Securities Depository Center Company at the end of the second trading day following the eligibility date.

The distribution will be through SABB branches by direct bank transfer to shareholders bank accounts linked to their portfolios. For the shareholders who own investment portfolios linked with bank accounts that do not accept bank transfer, they must go to any SABB branches along with their National ID (for Saudis) or Iqama (for none Saudis) to collect their dividends directly from the bank. ACC urges its shareholders to update their data and to make sure to link their bank accounts numbers to their investment portfolios to ensure the receipt of their cash dividends.

We would like to draw the attention to the foreign non-resident investors that the dividend paid by the Company is subject to a withholding tax of 5% upon transfer to the non-resident investor or credit to its account according to the provisions of Article (68) of the Income Tax Law and Article (63) of the Implementing Regulations.

In case of the non-receiving of the dividend on the mentioned distribution date above, please dial SABB on the toll-free number (920007222) or visit its nearest branch or contact the Investor Relations Department at the Arabian Centres Co.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Company Profile


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