Saudi Ceramic Co.’s board of directors recommended, on Feb. 3, 2021, a 33.3% capital hike to SAR 800 million from SAR 600 million through the issuance of bonus shares.
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Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 600 mln |
|
Number of shares |
60 mln |
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Hike (%) |
33.3% (one share for every three existing shares) |
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New Capital |
SAR 800 mln |
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New number of shares |
80 mln |
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Record date |
Shareholders registered with the Securities Depository Center (Edaa) at the end of the second trading day after EGM, the date to be announced later |
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Driver |
To match the size of the company's business and assets, and support its future expansions |
The process is pending approval from the extraordinary general assembly and the regulator, the company added.
The remaining fractional shares will be grouped into one portfolio for all shareholders and sold at market price, which will be distributed to shareholders eligible for the grant, according to their share, within a period of not more than 30 days from the date of determining the shares due to each shareholder.
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