Logo of Saudi Advanced Industries Co. (SAIC)
Saudi Advanced Industries Co.’s (SAIC) shareholders approved, on Jan. 25, increasing the company’s capital by 20% by distributing one bonus share for every five shares held, according to a statement to Tadawul.
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Capital Increase Details |
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Current Capital |
SAR 500 mln |
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Number of Shares |
50 mln |
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Percentage of Increase |
20% |
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New Capital |
SAR 600 mln |
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Number of Shares |
60 mln |
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Reason |
To strengthen the capital base in order to enhance its future growth plans |
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Method |
Distribution of one bonus share for every five shares held through capitalization of SAR 100 mln of retained earnings |
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Record Date |
Jan. 25, 2023 (Shareholders registered with the Securities Depository Center Co. at the end of the second trading day following the EGM) |
In a separate statement, the Saudi Exchange (Tadawul) said the fluctuation limits for SAIC on Thursday, Jan. 26, will be based on a share price of SAR 25.65 and the outstanding orders will be canceled.
Accordingly, SAIC’s bonus shares will be deposited into applicable investors’ portfolios on Monday, Jan. 30.
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