Logo of Development Works Food Co.
Development Works Food Co.’s shareholders approved increasing capital by 20%, through one-for-five bonus share distribution, during the extraordinary general meeting (EGM) held on Sept. 16, according to a bourse filing.
|
Details of Capital Increase |
|
|
Current Capital |
SAR 25 mln |
|
Number of Shares |
2.5 mln |
|
Percentage of Increase |
20% (1 share for every 5 shares held) |
|
Capital after Increase |
SAR 30 mln |
|
Number of Shares After Increase |
3 mln |
|
Method of Increase |
By transferring a portion from retained earnings and the statutory reserve |
|
Reasons for Increase |
To support and strengthen the company's future activities |
|
Record Date |
Sept. 16, 2021 (including shareholders enrolled on Securities Depository Center by the end of the second trading day following the due date) |
Additionally, shareholders approved the election of board members for the upcoming three-year session, which begins Oct. 30, 2021.
The elected members include Ashry Saad Mizal Al-Ashry, Anas Saleh Ibrahim Al-Amoud, Abdel-Rahman Nasser Zayed Al-Asmari, Ibrahim Nasser Mohammed Al-Shamimary, and Yazid Khaled Zaid Al-Tamimi.
Shareholders also approved the formation of the audit committee, defined its tasks, work controls, and remuneration of its members, for the same term.
Audit committee members include Musa Abdullah Al-Fawzan, Hassan Omar Ba Khamis, and Muhammad Abdullah Al-Mubarak.
Meanwhile, in a separate statement, Saudi Exchange (Tadawul) announced that Development Works Food’s daily trading fluctuation limit after its capital increase will be based on a share price of SAR 220.8 as of today, Sept 19.
Comments
{{DisplayName}}
{{ElapsedTime}}