Development Works shareholders to vote on 20% capital increase via bonus shares on Sept. 16

26/08/2021 Argaam

Logo of Development Works Food Co.

Development Works Food Co. shareholders will vote on increasing capital by 20% from SAR 25 million to SAR 30 million, through one-for-five bonus share distribution, during the extraordinary general meeting (EGM) scheduled on Sept. 16, according to a bourse filing today, Aug. 26.

 

Details of Capital Increase

Current Capital

SAR 25 mln

Number of Shares

2.5 mln

Percentage of Increase

20% (one share for every 5 shares held)

Capital after Increase

SAR 30 mln

Number of Shares After Increase

3.0 mln

Method of Increase

By transferring SAR 3.08 million from retained earnings and SAR 1.92 million from the statutory reserve

Reasons for Increase

To support and strengthen the company's future activities

Record Date

Sept. 16, 2021 (Shareholders enrolled on Securities Depository Center by the end of the second trading day following the general assembly date)
 
In the event of fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price. Thereafter, their value will be distributed among the eligible shareholders on a pro rata basis within a period not exceeding 30 days from the date of determining the shares due to each shareholder.

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