Logo of Electrical Industries Co. (EIC)
The board of directors of Electrical Industries Co. (EIC) recommended increasing the company’s capital by 25% through a 1-for-4 bonus-share distribution.
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Capital Increase Details |
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Current capital |
SAR 450 mln |
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Number of shares |
45 mln |
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Percentage of increase |
25% (1 share for every 4 shares held by capitalizing SAR 112.5 mln from retained earnings) |
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New capital |
SAR 562.50 mln |
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Number of shares |
56.25 mln |
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Reason |
To strengthen the company’s financial position and achieve its business growth strategy |
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Record date |
Shareholders owning shares by the close of trading on the EGM date, and those registered with Edaa by the close of the second trading day following the EGM date |
In a statement to Tadawul, EIC said fractional shares, if any, will be collected into one portfolio. The shares 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, it noted.
The bonus share distribution and the capital hike are subject to the approval of the competent authorities as well as the company's extraordinary general meeting (EGM).
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