Logo of Saudi Advanced Industries Co.’s (SAIC)
Saudi Advanced Industries Co.’s (SAIC) board of directors recommended on May 22 increasing the company’s capital by 20%, through distributing one bonus share for every five shares held, according to a bourse filing.
|
Capital Increase Details – Bonus Issue |
|
|
Current Capital |
SAR 500 mln |
|
Number of Shares |
50 mln |
|
Percentage of Increase |
20% (One bonus share for every five existing shares) |
|
New Capital |
SAR 600 mln |
|
Number of Shares |
60 mln |
|
Reason |
To strengthen the capital base in order to enhance its future growth plans |
|
Method |
Capitalization of SAR 100 mln of retained earnings |
|
Record Date |
Shareholders at the end of trading on the day of the company’s extraordinary general assembly (the date for which will be determined later) and shareholders of record with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the general assembly meeting |
The capital increase and the bonus share distribution are subject to the approval of the competent authorities as well as the company's extraordinary general meeting (EGM).
In the case of fractional bonus shares, these shares will be collected into one investment portfolio and will be sold at market price within 30 days on a pro rata basis from the date of determining the allocation of new shares for each shareholder, the company noted.
Comments
{{DisplayName}}
{{ElapsedTime}}