Al Moammar Information Systems Co.’s shareholders approved, on June 1, a SAR 40 million capital hike to SAR 200 million from SAR 160 million to boost company resources and record high growth rates in the coming years.
The capital hike will be financed from capitalizing a portion of reserves and retained earnings in addition to distributing one share for every four outstanding shares.
Shareholders also approved amending articles of incorporation as regards the company's purposes and board authorities.
|
Details of Capital Hike |
|
|
Current Capital |
SAR 160 mln |
|
Number of shares |
16 mln shares |
|
Increase percentage |
25% (1 share for every 4 outstanding shares) |
|
New Capital |
SAR 200 mln |
|
Number of shares after capital hike |
20 mln |
|
Record date |
Shareholders of record on June 1, 2020 |
|
Capital hike reason |
To boost the company's resources and record high growth rates over the coming years. |
|
Method of capital hike |
Capitalization of SAR 40 million from reserves and retained earnings |
The fluctuation limit after capital hike will be based on a share price of SAR 44.65 with all outstanding orders being cancelled.
Moreover, the Securities Depository Center Co. (Edaa) will deposit the additional shares into investors’ portfolios by Thursday, June 4.
In March, the Capital Market Authority (CMA) approved Al Moammar's request to increase its capital from SAR 160 million to SAR 200 million, through issuance of 1 bonus share for every 4 existing shares owned by the shareholders, Argaam reported.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}