Logo of Saudi Aramco
The Capital Market Authority (CMA) approved an application from Saudi Arabian Oil Co. (Saudi Aramco) to increase its capital from SAR 60 billion to SAR 75 billion.
The capital will be raised through the issuance of one bonus share for every 10 shares held by shareholders registered in the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by Saudi Aramco’s board.
The increase will be paid by transferring SAR 15 billion from the company’s retained earnings. Accordingly, the total number of shares will increase by 20 billion to 220 billion.
The CMA said that the company's extraordinary general assembly should be held within six months from this approval date and satisfy all regulatory requirements and applicable laws.
In March, Saudi Aramco’s board recommended raising capital to SAR 75 billion from SAR 60 billion through capitalizing SAR 15 billion of retained earnings, Argaam reported.
|
Capital increase Details via Bonus Issue |
|
|
Current capital* |
SAR 60 bln |
|
Post-increase capital |
SAR 75 bln |
|
Capital increase (%) |
25% |
|
Capital after increase |
SAR 25 mln |
|
Number of shares** |
200 bln |
|
Number of shares after increase |
220 bln |
|
Bonus share distribution |
One share for every 10 shares held |
|
Objective of capital hike |
Support the company’s financial position and future expansions |
|
Reason for increase |
Maximizing shareholders’ equity through distributing sustainable and increasing profit, in line with the company’s future ambitions and growth in free cash flows, and its plans to create higher value in the long term through investing in many available opportunities. |
|
Method of increase |
Capitalizing SAR 15 billion from retained earnings |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}