Logo of East Pipes Integrated Co.
East Pipes Integrated Co.’s board of directors recommended today, Aug. 8, increasing the company’s capital by 50%, through distributing 0.5 bonus share for every one share held, according to a bourse filing.
The process will be financed though capitalizing an amount of SAR 105 million from retained earnings account, as the table below indicates:
|
Capital Increase Details |
|
|
Current Capital |
SAR 210 mln |
|
Number of Shares |
21 mln |
|
Percentage of Increase |
50% (0.5 bonus share for every one share) |
|
Method |
Capitalization of SAR 105 mln of retained earnings |
|
New Capital |
SAR 315 mln |
|
Number of Shares |
31.5 mln |
|
Reason |
To create sustainable returns for shareholders and support the company’s strategic investment plans |
|
Record Date |
Shareholders at the end of trading on the day of the company’s extraordinary general assembly (EGM), the date for which will be determined later, and those registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the EGM |
Fractional bonus shares, if any, will be accumulated into one investment portfolio and will be sold at market price within 30 days on a pro-rata basis from the date of determining the allocation of new shares for each shareholder, the company noted.
The capital increase and the bonus share distribution are subject to the approval of the competent authorities as well as the company's EGM.
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