Wafrah for Industry & Development Co. (Wafrah) announced its inability to deposit proceeds from fractional shares into shareholders accounts on time as it could not complete an agreement with the bank amid the government’s preventive measures to combat the spread of COVID-19.
The company is expected to sign the deal and deposit the funds on June 30, 2020, it said in a bourse filing on Thursday.
Funds were set to be deposited into shareholders accounts on May 21.
On April 29, the company sold 20,219 fractional shares at SAR 34.17 per share for a total of SAR 689,816 million.
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