Advanced Petrochemical Co.’s shareholders approved during the extraordinary general assembly on Tuesday a 10 percent capital hike to SAR 2.16 billion from SAR 1.97 billion, through issuance of one bonus share for every ten shares held, the company said in a bourse statement.
The stock’s daily fluctuation limit following the capital increase will be based on a share price of SAR 46.20 as of today, Sept. 18, the Saudi Stock Exchange (Tadawul) said in a separate statement.
The Securities Depository Center (Edaa) will deposit the bonus shares into investor portfolios by Sept. 22, the statement added.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 1.97 bln |
|
Number of shares |
196.79 mln |
|
Hike (%) |
10% (1 share for every 10 shares) |
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New Capital |
SAR 2.16 bln |
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New number of shares |
216.47 mln |
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Record date |
Sept. 17, 2019 |
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Driver |
Match between the company’s capital and assets, and support future plans. |
|
Method |
Recapitalization of SAR 196.79 mln from retained earnings |
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