Logo of Edarat Communication and Information Technology Co.
Edarat Communication and Information Technology Co. obtained the Capital Market Authority's (CMA) approval to increase its capital from SAR 6.3 million to SAR 12.6 million through a one-for-one bonus share distribution, according to the CMA website.
Shareholders of record registered with the Security Depository Center (Edaa) by the close of the second trading day after the record date – to be determined later – will be eligible for the bonus issue.
The capital hike will be financed through transferring SAR 6.3 million from the retained earnings, to increase the number of shares from 630,000 to 1.26 million.
The extraordinary general meeting should be held within six months from the approval date and the company should satisfy all regulatory requirements and applicable laws.
In December 2022, the board of directors recommended a capital increase by 100% to SAR 12.6 million, through a one-for-one bonus share distribution, which will be financed from capitalizing part of statutory reserve and retained earnings, according to data available with Argaam.
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